Stars like Emma Thompson, Ben Stiller oppose Paramount-Warner Bros. merger

More than 1,000 film and television professionals, including Emma Thompson, Ben Stiller, J.J. Abrams, David Fincher and Denis Villeneuve, lined up against Paramount’s plan to combine with Warner Bros. Discovery, framing the deal as a test of who controls Hollywood’s pricing power, distribution channels and work opportunities. Their open letter warned that the merger would further consolidate an already concentrated media landscape, cut the number of major U.S. film studios to just four, and leave creators, workers and audiences with fewer options.

The letter said the damage would not stop at executive suites. It argued that more consolidation would mean fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs and less choice for audiences in the United States and around the world. It also tied the fight to long-running structural change in the business, saying media consolidation has already weakened the industry through the decline of mid-budget films and independent distribution. Alongside Thompson and Stiller, the signers included Joaquin Phoenix, Kristen Stewart, Jane Fonda, Bryan Cranston, Lin-Manuel Miranda, Mark Ruffalo, Rose Byrne, Don Cheadle and Rosanna Arquette.

Paramount pushed back, saying the combined company would give creators "more avenues for their work, not fewer." It said the new firm would "greenlight more projects," support talent across careers and "bring stories to audiences at a truly global scale." Paramount also said the merger would preserve iconic brands with independent creative leadership and commit the company to producing at least 30 theatrical films a year, a promise aimed at easing fears that a larger balance sheet would translate into thinner output and more gatekeeping.

The stakes are high because the deal is not a small strategic adjustment. Paramount and Warner Bros. Discovery announced the merger agreement on February 27, 2026, with Paramount agreeing to pay $31.00 per share in cash for all outstanding WBD shares. The companies said the transaction values Warner Bros. Discovery at about $110 billion in enterprise value, or about $111 billion including debt, after Paramount outbid Netflix in a months-long contest. Both boards approved the deal unanimously, and the companies expect it to close in the third quarter of 2026 if shareholders and regulators agree.

That regulatory fight has already begun to take shape. California Attorney General Rob Bonta has said the merger is "not a done deal" and warned that California could challenge it in court. In the United Kingdom, the Competition and Markets Authority is expected to open an initial phase 1 review in the coming weeks, a process that could intensify if regulators decide the combined company would deepen market concentration too far. Paramount has also agreed to a $7 billion termination fee if regulators block the deal, plus a quarterly ticking fee if it remains unclosed after September 30, 2026.