In brief: ‘Shrinking’ renewed for season 4 and more
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The Paramount Pictures logo is displayed on a water tower in Los Angeles, California, on Feb. 17, 2026. (Michael Yanow/NurPhoto via Getty Images)
Stars from across Hollywood are expressing their opposition to the Warner Bros. Discovery and Paramount Skydance deal that rocked the entertainment industry earlier this year.
Jane Fonda, Don Cheadle, Rosanna Arquette, Ben Stiller and Joaquin Phoenix are just a few of the more than 1,000 Hollywood professionals who signed their names on an open letter expressing opposition to the studio merger.
“As filmmakers, documentarians, and professionals across the movie and television industry, we write to express our unequivocal opposition to the proposed Paramount-Warner Bros. Discovery merger,” the letter opens.
The note continues, “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.”
According to a February release announcing the sale, Paramount plans to acquire Warner Bros. in a transaction valued at about $110 billion. Under the terms of the agreement, Paramount will pay “$31.00 per share in cash for all outstanding shares of WBD.”
The deal is expected to close in the third quarter of 2026, “subject to customary closing conditions, including regulatory clearances and approval by WBD shareholders, with a vote expected in the early spring of 2026.”
Paramount launched a hostile takeover bid in December to acquire Warner Bros. Discovery, just days after Netflix struck a deal to purchase a large part of the media giant.
The letter from the stars of Hollywood cites some of the potential downsides of the deal as “fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world.”
The letter also notes the merger leaves only four major studios remaining in the U.S.
The note, which is also signed by names like Mark Duplass, Javier Bardem, Ilana Glazer, Noah Wyle, Tiffany Haddish and Jason Bateman, summarizes some of the effects of studio consolidation.
“We have witnessed a steep decline in the number of films produced and released, alongside a narrowing of the kinds of stories that are financed and distributed. Increasingly, a small number of powerful entities determine what gets made — and on what terms — leaving creators and independent businesses with fewer viable paths to sustain their work,” the letter reads.
The letter also claims the consolidating media landscape “accelerated the disappearance of the mid-budget film, the erosion of independent distribution, the collapse of the international sales market, the elimination of meaningful profit participation, and the weakening of screen credit integrity.”
The group said they were “deeply concerned by indications of support” for the deal, which it says would harm the creative community and several of the small businesses therein.
“Competition is essential for a healthy economy and a healthy democracy,” the letter concludes, in part.
Along with the aforementioned signatories were names like Alyssa Milano, Ramy Youssef, Rosario Dawson, Mark Ruffalo, David Fincher, JJ Abrams, Kristen Stewart, Lin-Manuel Miranda, Ted Danson, Rose Byrne and Denis Villeneuve.
Paramount responded to the letter in a statement to ABC News.
“We hear and understand the concerns that some in our creative community have raised and respect the commitment to protecting and expanding creativity,” the company said.
The statement also emphasized the “need for strong, creative-first and well-capitalized companies.”
The studio highlighted what it said are potential advantages to the deal, claiming Paramount will be able to “greenlight more projects, back bold ideas, support talent across multiple stages of their careers, and bring stories to audiences at a truly global scale.”
Paramount noted its “commitment” to investing in the industry, with examples including “increasing output to a minimum of 30 high-quality feature films annually with full theatrical releases.”
“Paramount remains deeply committed to talent, and this merger strengthens both consumer choice and competition, creating greater opportunities for creators, audiences and the communities they live and work in,” Paramount’s statement concluded.
ABC News has reached out to Warner Bros. Discovery for any statement on the letter.
