Fonda, Phoenix Lead Hollywood Open Letter Against Paramount-Warner Bros Merger

Jane Fonda, Joaquin Phoenix and more than 1,000 Hollywood professionals have opened a new front in the fight over Paramount Skydance’s bid for Warner Bros. Discovery, warning that the merger would tighten control over movies, streaming and news in an already concentrated market.

The open letter, released April 13, said the deal was an attempt to reduce competition and called on regulators and state attorneys general to stop it. The opposition lands as the companies seek approval for a transaction announced February 27 and valued at about $110 billion enterprise value, with Paramount offering $31 a share in cash for all outstanding Warner Bros. Discovery shares.

Paramount and Warner Bros. Discovery said at the time that the combined company would make at least 30 theatrical films a year. They also said both boards had unanimously approved the agreement and that they expected the deal to close in the third quarter of 2026, pending regulatory clearance and a shareholder vote.

The backlash has grown steadily beyond celebrity criticism. The Writers Guild of America said on October 23, 2025, that combining Warner Bros. with Paramount or another major studio would be a “disaster” for writers and vowed to work with regulators to block it. Paramount chair and chief executive David Ellison tried to calm that opposition in an open letter on February 4, promising an anti-monopoly approach and repeating the pledge of at least 30 theatrical features a year.

The core warning from Hollywood has not changed: fewer studios mean less room for jobs, less room for risk-taking and less leverage for writers, directors and performers negotiating with corporate buyers. If the deal closes, the number of major film studios would fall from five to four, a shift that could ripple through hiring, production budgets and the pipeline of projects competing for theaters and streaming platforms.

The fight has also moved into the political arena. On March 4, a coalition of organizations urged attorneys general to investigate and block the acquisition, warning of higher consumer costs, layoffs and reduced access to news and entertainment. The letter also raised First Amendment concerns because the transaction would place CNN and CBS News under the control of billionaires who were said to be willing to bend to political pressure.

California Attorney General Rob Bonta has said he will fully investigate the merger, and Politico reported that he is coordinating with New York Attorney General Letitia James. Cinema United added its own pressure on April 3, with Michael O’Leary warning that reducing the major studios from five to four could mean fewer jobs, higher ticket prices and greater leverage over theaters. Fonda, who wore a “Block the Merger” pin at a Vanity Fair Oscar Party on March 16, said the deal would hurt workers, raise prices and increase political control over content, sharpening a national fight over who gets to shape what Americans watch and hear.