Warner Bros

WBD

Market cap $68.6B

Paramount Skydance's proposed purchase of ​Warner Bros Discovery will consolidate too much power in one company and cause harm ‌to consumers and the industry, the head of a cinema trade group said on Tuesday at the largest convention of movie theater owners.

More than a thousand movie stars, writers, directors, and other Hollywood professionals announced their “unequivocal opposition” to the proposed Paramount merger with Warner Bros. Discovery in an open letter published Monday.

The UK's antitrust authority has taken its first step towards launching a formal investigation into the $110B merger between Paramount and Warner Bros. Discovery. The Competition and Markets Authority said it was seeking comments from interested parties ahead of commencing a deeper examination of a deal that will reshape the global media landscape.

Over 1,000 filmmakers, actors and industry professionals signed an open letter opposing Warner Bros Discovery's ​proposed $110 billion merger with Paramount Skydance, warning it ‌would reduce competition and deepen consolidation in the U.S. media sector.

After more than 1,000 Hollywood content creators and other figures signed on to a letter opposing the Paramount-Warner Bros. Discovery merger, the company has responded by making the case that the transaction will ensure that there will be “more avenues for their work, not fewer.

Streaming companies have raised the prices of their services, cracked down on password sharing and delved into the ad-supported space in order to reach profitability. While streaming results continue to drive media stocks, especially around quarterly earnings, it's not clear when it will start driving profits for the smaller players.

Britain's antitrust watchdog is expected to launch an investigation into Paramount Skydance's planned $110 billion acquisition of ​Warner Bros Discovery in "the coming weeks," ‌a spokesperson said on Monday.

Independent proxy advisory firm Glass Lewis recommended Warner Bros Discovery shareholders to vote in favor of the company's $110 billion deal to ​combine with Paramount Skydance.

Paramount Skydance has syndicated its bridge loan facility and secured permanent financing from a group of ​banks for its planned $111 billion acquisition of Warner Bros ‌Discovery.

Paramount said today it's successfully completed the syndication of a previously disclosed bridge facility and entered into permanent financing transactions with a group of 18 lenders to support its planned merger with Warner Bros. Discovery The transactions include a two-tranche senior secured term loan facility and a senior secured revolving credit facility.