Joaquin Phoenix, Kristen Stewart and other Hollywood stars oppose Paramount-Warner $111 billion deal

The million-dollar deal between Warner Bros. and Paramount is one of the biggest in the entertainment industry. However, this business deal is not receiving support from over 1,000 filmmakers and renowned Hollywood stars, directors, writers, and other A-listers, including Joker actor Joaquin Phoenix, Denis Villeneuve, actress Kristen Stewart, and others.

In an open letter, these Hollywood heavyweights and industry leaders have called out the $111 billion deal that would merge Warner Bros, one of the biggest studios, known for producing films such as the Harry Potter franchise and shows like Friends, with the streaming giant Paramount.

Hollywood A-listers call out Paramount-Warner Deal in open letter:

Speaking out against the merger of Warner Bros with David Ellison's Paramount, the open letter that has been issued opposes this acquisition, saying that, ''the integrity, independence, and diversity of our industry would be grievously compromised.''

Published on the New York Times and Blockthemerger.com, it reads, ''Importantly, as creators we know firsthand that this is also a moment when the industry has been facing significant disruption—and the need for strong, creative-first and well-capitalized companies that can continue to invest in storytelling has never been greater.''

''This transaction uniquely brings together complementary strengths to create a company that can greenlight more projects, back bold ideas, support talent across multiple stages of their careers, and bring stories to audiences at a truly global scale—while strengthening competition by ensuring multiple scaled players are investing in creative talent.''

Hollywood clan speaks out against Warner Bros and Paramount deal

The letter has been signed by more than 1,034 people at the time of publication by known actors, directors, such as Marvel star Mark Ruffalo, Adam McKay, Alan Cumming, Alyssa Milano, Boots Riley, Bryan Cranston, Cynthia Nixon, Damon Lindelof, David Fincher, Denis Villeneuve, Elliot Page, Glenn Close, Jane Fonda, JJ Abrams, Jason Bateman.

After months of high-stakes bidding drama, Netflix stepped back from the Warner Bros. deal, clearing the way for Paramount. Following multiple revised proposals, Paramount impressed the WBD board members by increasing the purchase price to $31.00 per WBD share in cash.

Before the deal was finalised, Ellison, in an open letter, pledged an anti-monopoly approach in the Warner Bros. Discovery bid and promised 30 films annually.

He also emphasised that the audience “are best served by greater choice – not less – and by a marketplace that encourages the full spectrum of filmmaking, content creation, and theatrical exhibition, not one that eliminates meaningful competition by creating a monopolistic or dominant entity.”

The deal, which consolidates two of Hollywood’s biggest studios, is also seen as a threat to many people working in the industry, as it could lead to job losses, reduced competition, and other negative consequences.

Another concern being raised is the close ties between Ellison and his father, Larry Ellison, with US President Donald Trump. This relationship has led many to question whether politically bold or critical films would be greenlit under the new leadership.