Over 1,000 personalities from the American film and TV industry, including notable figures like Joaquin Phoenix, Ben Stiller, and Kristen Stewart, have publicly expressed their disapproval of the proposed acquisition of Warner Bros. Discovery Inc. (NASDAQ:WBD) by Paramount SkyDance Corp. (NASDAQ:PSKY).
In an open letter, they criticized the merger for favoring the interests of a few influential stakeholders over the wider public good. The signatories of the letter argue that the merger could seriously undermine the “integrity, independence, and diversity” of the industry.
The signatories, which also include several Academy Award winners, argued that the deal would further concentrate the media industry, reducing competition, limiting opportunities and jobs, raising costs, and leaving audiences with fewer choices, while shrinking major U.S. film studios to just four.
According to Hollywood, media consolidation has led to the decline of mid-budget films, weakened independent distribution and global sales, reduced profit participation, and undermined …
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