Hollywood stars line up against Paramount's Warner Bros. acquisition

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A constellation of stars are lining up against Paramount’s proposed takeover of Warner Bros.Discovery, expressing fears the blockbuster merger would devastate the industry and shrink production jobs.

The letter was signed by nearly 1,000 artists and movie creators, including such big names as Ben Stiller, Bryan Cranston, Noah Wyle, Joaquin Phoenix, Kristen Stewart and Jane Fonda, whose group the Committee for the First Amendment, helped organize the campaign.“This transaction would further consolidate an already concentrated media landscape, reducing competition at a moment when our industries—and the audiences we serve—can least afford it,” according to the letter.

“The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world.”The Hollywood workforce has shrunk by more than 42,000 jobs between 2022 and 2024, according to a recent study.The economy has not bounced back following shutdowns due to the COVID-19 pandemic, followed by the twin labor strikes three years ago.

Thousands of film workers have been searching for work — but many of the big opportunities have moved abroad.Hollywood Inc.

To many of California’s lawmakers, the state’s film and TV tax credit isn’t enough.Sen.

Adam Schiff has introduced a federal-level tax credit to bring productions back to the U.S.The strikes prompted studio executives to reset their output after previously spending big to build streaming services to compete with Netflix.Two other consolidations led to widespread cutbacks: Walt Disney Co.’s acquisition of Fox entertainment assets in 2019, and Discovery’s takeover of AT&T’s WarnerMedia four years ago.The resulting entity — Warner Bros.

Discovery, led by David Zaslav — instituted deep cost cuts and thousands of layoffs to cut expenses b...