More than 1,000 Hollywood creatives including Bryan Cranston and Joaquin Phoenix have signed a letter opposing Paramount's $111 billion acquisition of Warner Bros. Discovery. The letter warns the merger will result in fewer jobs for creators, higher costs, and less choice for audiences in the United States and globally. The deal, struck between Paramount and CEO David Ellison, would combine two major studios in a move critics say will harm Hollywood's already distressed entertainment industry.

Ellison has defended the acquisition, pledging to release at least 30 movies annually in theaters and invest in both studios. He argues the deal will benefit the creative community, contrasting it with a potential Netflix acquisition that would have created a streaming behemoth twice the size of competitors. The letter was organized by advocacy groups including the Committee for the First Amendment, led by Jane Fonda, and the Future Film Coalition of independent film professionals.

Government scrutiny looms as the deal awaits shareholder and regulatory approval. California Attorney General Rob Bonta expressed skepticism about federal review rigor, while Michael O'Leary of Cinema United warned decreased film production could lead to more theater closings. The signatories urged continued scrutiny, arguing that media consolidation has already weakened America's vital global industry. Paramount expects approval from U.S. regulators and has already received clearance from Germany and Slovenia.