British actors Benedict Cumberbatch, Benedict Wong and Alan Cumming have spoken out against the proposed merger of US media giants Paramount Skydance and Warner Bros. Discovery, and urged Culture Secretary Lisa Nandy to object about its effect on the UK.
The £83 billion deal would create one of the world’s most powerful media empires, bringing together HBO, CNN, TNT Sports, Channel 5, Paramount+, as well as the DC Universe, “Harry Potter”, “Game of Thrones” and “The Lord of the Rings” franchises.
‘Consequential’ decision Cumberbatch, Cumming and Wong cite among their concerns the potential threat to the livelihoods of British film and TV crews, and to independent film financing, as well as worries about the consolidation of news production.
Nandy has said she is “minded to intervene” in the deal on public interest grounds. “My focus has been, and will remain, on the UK public interest and the range of services available to UK audiences,” she said in a letter to the current and proposed owners of Warner Bros. Discovery.
If the UK government were to issue a public interest intervention notice, it would trigger further scrutiny from media regulator Ofcom and the Competition and Markets Authority. Nandy’s decision “could end up upsetting” major US studios, streamers and tech giants, “not to mention the Trump administration, which is strongly backing the deal”, said Deadline. This makes her “one of the most consequential culture secretaries in recent memory… in America, that is.”
‘Costly’ delay The call for the British government to intervene comes after 12 American states, led by California, sued to try to block the merger, warning that it would raise prices, shrink the number of films made, and fall foul of strict anti-trust laws. Last week, a US district judge temporarily paused the merger to consider the lawsuit. This prompted Paramount to agree not to close the deal until June 2027 or five days after the court issues a ruling on the case, whichever is earlier.
This delay “may prove costly” for Paramount, said The Hollywood Reporter. The merger agreement states that Warner’s shareholders are owed roughly £485 million per quarter, or £5.1 million per day, if the deal is not completed by the end of September this year.
|