Warner Bros.-Discovery’s shareholder vote on Thursday shows “cracks in the armor” as momentum from outside players to block the merger grows, a coalition of advocacy groups said in a joint statement obtained by TheWrap.
After the shareholder vote approved the $110 billion Paramount-WBD merger but rejected CEO David Zaslav’s $887 million golden parachute compensation — and as the widely circulated open letter rallying support to block the merger hit over 4,200 signatures — the Future Film Coalition-led effort exclaimed Thursday afternoon that “momentum is on our side.”
“A-list stars, professionals from every corner of the film and entertainment industry, elected officials and concerned citizens have made their voices heard: the Paramount-Warner Bros. Discovery merger must be stopped,” the joint statement read. “And it can be.”
The open letter from the Future Film Coalition calls on state attorneys general and other Washington decision-makers to block the merger. Ballooning in recent weeks since launching with just 1,000 supporters, A-listers like Robert De Niro and Sofia Coppola joined the list of signatures Thursday, which already included an impressive roster of Pedro Pascal, Florence Pugh, Mark Ruffalo, Edward Norton and many more.
“Since launching, our campaign has quadrupled in size with calls for action by state attorneys general amplified by celebrities, legal experts and elected officials alike,” the joint statement continued. “Even today, WBD’s shareholder vote showed cracks in their armor when they voted down CEO David Zaslav’s exorbitant golden parachute package.
“The momentum is on our side, and it will continue to build. This anti-competitive merger, which poses huge threats to freedom of the press and creative expression, is not a done deal. We will continue to fight against it every step of the way.”
The statement was co-signed by the Future Film Coalition and Democracy Defenders Fund, along with the American Economic Liberties Project, Archival Producers Alliance, Jane Fonda’s Committee for the First Amendment, The Free Press, International Documentary Association, Public Integrity Project, Reporters Without Borders (RSF), Writers Guild of America East and Writers Guild of America West.
In a separate statement on Thursday, the WGA specifically denounced the merger, echoing past statements on how it would “be a disaster for writers, the entertainment industry, consumers and the country.”
“While shareholders approved this deal today, this merger is far from final,” the guild said. “This proposed acquisition is exactly what our nation’s antitrust laws are designed to prevent. We are confident California Attorney General Rob Bonta and his fellow State Attorneys General will investigate this transaction fully and follow the law.
“Every time media and entertainment companies merge, they promise lower prices, more choices for consumers, increased production, and improvements for workers. And every time those promises are broken; the mergers instead result in higher prices, fewer choices, significant job loss and suppression of underrepresented voices and stories.”
