LOS ANGELES — More than 1,000 Hollywood professionals, including Bryan Cranston, Jane Fonda and Joaquin Phoenix, released an open letter on April 13, 2026, opposing Paramount Skydance's proposed $111 billion acquisition of Warner Bros. Discovery. The letter warned that the deal would reduce competition in an already concentrated media industry.

"This transaction would further consolidate an already concentrated media landscape, reducing competition at a moment when our industries—and the audiences we serve—can least afford it," the signatories wrote. "The result will be 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. Alarmingly, this merger would reduce the number of major U.S. film studios to just four," they wrote.

The letter also stated: "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. 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."

The open letter was spearheaded by several advocacy organizations, including the Committee for the First Amendment, a free speech group led by Fonda. "This merger would be one of the most destructive threats to free speech and creative expression in our history," Fonda warned. More than 1,034 people had signed the letter by the time of its publication, including Glenn Close, Ben Stiller, filmmakers Yorgos Lanthimos and Denis Villeneuve, and writer David Chase.

Paramount Skydance, led by chief executive David Ellison, reached a deal to acquire Warner Bros. Discovery in late February 2026, overcoming a rival bid by Netflix. The merger awaits a shareholder vote later in the month and government regulatory approval. Ellison, the son of Oracle co-founder Larry Ellison, vowed to "honor the legacy of two iconic companies while accelerating our vision of building a next-generation media and entertainment company." He also pledged to operate Paramount and Warner Bros. as stand-alone movie studios and to release a combined 30 movies a year in theaters.

California Attorney General Rob Bonta said the merger has not been finalized. In a February 26 post on X, he wrote: "These two Hollywood titans have not cleared regulatory scrutiny — the California Department of Justice has an open investigation, and we intend to be vigorous in our review." The U.S. Justice Department is also reviewing the proposed merger on antitrust grounds.