Paramount responds to letter opposing their acquisition of Warner Bros. Discovery
(KYMA, NBC) - Paramount Skydance has issued a response regarding a letter opposing their acquisition of Warner Bros. Discovery (WBD).
In a statement, Paramount said in part, "As creators we know firsthand that this is also a moment when the industry has been facing significant disruption—and the need for strong, creative-first and well-capitalized companies that can continue to invest in storytelling has never been greater."
"This transaction uniquely brings together complementary strengths to create a company that can greenlight more projects, back bold ideas, support talent across multiple stages of their careers, and bring stories to audiences at a truly global scale—while strengthening competition by ensuring multiple scaled players are investing in creative talent," Paramount added.
Over 2,000 movie and television industry professionals have signed an open letter Monday expressing their opposition to the pending merger.
The signers include actors, writers, filmmakers, and other professionals, like Bryan Cranston, Ben Stiller, Kristen Stewart, David Fincher, Denis Villeneuve, Yorgos Lanthimos, and more.
In the letter, they claim the merger would cause economic, creative, and societal damage, and expressed their support for the actions being taken by California Attorney General Rob Bonta, and other state attorneys general, to investigate and block this transaction.
According to a press release from organizers of the letter, the signers include over 75 Academy Award winners and nominees, and says in part, "We are deeply concerned by indications of support for this merger that prioritize the interests of a small group of powerful stakeholders over the broader public good."
It goes on to read, "The integrity, Independence, and diversity of our industry would be grievously compromised. Competition is essential for a healthy economy and a healthy democracy. So is thoughtful regulation and enforcement."
WBD and Paramount signed a merger agreement back in February after Netflix bowed out of their deal to acquire WBD.
Last month, Sen. Adam Schiff (D-Calif.) hosted a hearing to highlight the potential impact on the Paramount-WBD merger.
"Two of Hollywood's biggest studios are now seeking to merge, and the decisions made in that boardroom will land squarely on industry workers…It would be an unprecedented consolidation of media and programming," Sen. Schiff expressed.
A shareholder vote on the proposed merger is set to take place next week.
