Warner Bros. Discovery (WBD) shareholders have overwhelmingly approved a merger agreement with Paramount, a deal valued at $111 billion that will consolidate two legacy Hollywood studios. WBD described the vote as a "key milestone" toward the transaction's completion, expected between July and September, pending regulatory approval.
The proposed merger, which would reduce the number of major US film studios to four, has sparked widespread concern. Critics, including Democrats and Republicans, fear it could lead to higher prices, fewer choices for consumers, and significant job losses within the film industry. Senators Cory Booker and Elizabeth Warren are actively campaigning against the deal, with Warren calling it an "antitrust disaster."
Paramount CEO David Ellison asserts the merger will benefit the creative community. However, fears persist that the consolidation, influenced by ties to Donald Trump, could limit films addressing politically sensitive topics. Over 4,000 industry professionals, including Joaquin Phoenix, Jane Fonda, and Robert De Niro, have signed an open letter opposing the acquisition, citing concerns that it "prioritize[s] the interests of a small group of powerful stakeholders over the broader public good" and "grievously compromise[s] the integrity, independence, and diversity of our industry."
Actor Mark Ruffalo voiced strong opposition, criticizing the potential concentration of news and entertainment control under individuals he claims have "narrow understanding of the world" and ties to Trump. Organizers of the opposition include the Writers Guild of America and the American Economic Liberties Project.