An open letter signed by nearly 2,500 people in the film industry has been published that takes aim at the Paramount-Warner merger. The letter, which includes signatures from A-list directors and actors such as Joaquin Phoenix and David Fincher, claims that the the concentration of power that would result from the $111 billion merger would have dire consequences from the industry.
“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,” reads the letter in part. “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. Alarmingly, this merger would reduce the number of major U.S. film studios to just four.”
The four studios that would remain after the merger include Columbia, Paramount, Universal, and Disney. As a result of Warner Bros. merging with Paramount and 20th Century Fox being bought by Disney, the Big Six has become the Big Four.
In response to the circulating letter, Paramount has released the following statement:
“We understand the concerns raised as a result of the disruptions caused to our industry by COVID, entry of big-tech, and changes in consumer behavior, but we promise this: Paramount remains deeply committed to talent, and this merger strengthens both consumer choice and competition, creating greater opportunities for creators, audiences and the communities they live and work in.”
