LOS ANGELES — A constellation of stars are lining up against Paramount's proposed takeover of Warner Bros. Discovery, expressing fears the blockbuster merger would devastate the industry and shrink production jobs.

The letter was signed by nearly 1,000 artists and movie creators, including such big names as Ben Stiller, Bryan Cranston, Noah Wyle, Joaquin Phoenix, Kristen Stewart and Jane Fonda, whose group the Committee for the First Amendment, helped organize the campaign.

"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 the letter. "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."

The Hollywood workforce has shrunk by more than 42,000 jobs between 2022 and 2024, according to a recent study. The economy has not bounced back following shutdowns due to the COVID-19 pandemic, followed by the twin labor strikes three years ago.

Thousands of film workers have been searching for work — but many of the big opportunities have moved abroad.

The strikes prompted studio executives to reset their output after previously spending big to build streaming services to compete with Netflix.

Two other consolidations led to widespread cutbacks: Walt Disney Co.'s acquisition of Fox entertainment assets in 2019, and Discovery's takeover of AT&T's WarnerMedia four years ago.

The resulting entity — Warner Bros. Discovery, led by David Zaslav — instituted deep cost cuts and thousands of layoffs to cut expenses because the firm was nearly drowning in deal debt — $43 billion — from the day Zaslav took the helm.

Paramount's proposed takeover of Warner Bros. would result in a significantly higher debt load, $79 billion in debt, prompting concerns from the group and others about further cuts.

Tech scion David Ellison, son of billionaire Oracle co-founder Larry Ellison, is leading the effort to buy Warner Bros. Discovery to prop up Paramount, which the family acquired in August. Ellison's Paramount Skydance prevailed in a nearly six month bidding war in late February after Netflix bowed out when the elder Ellison agreed to financially back his son's $111-billion deal.

Warner shareholders will be asked to approve the merger April 23.

Ellison is pushing to wrap the deal up this summer.

"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 letter said. "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 group urged California Atty. Gen. Rob Bonta and his fellow state attorneys general to sue to block the transaction.

Bonta has told The Times that his office is reviewing the transaction to see if it violates anti-trust rules. Two historic movie studios, several streaming services and dozens of cable channels would be brought under one roof.

"Media consolidation has already weakened one of America's most vital global industries," the group said, "one that has long shaped culture and connected people around the world."

Bonta's office is leading the charge against another merger, TV station giant Nexstar Media Group's $6.2-billion takeover Virginia-based Tegna. Eight state attorneys general, including Bonta, have sued to block that deal. A judge is expected to rule on whether to issue a preliminary injunction later this week.

--------

©2026 Los Angeles Times. Visit at latimes.com. Distributed by Tribune Content Agency, LLC.