A Paramount-Warner merger will hurt Hollywood and people of color
Two of the five biggest studios in America want to become one. If Paramount is allowed to absorb Warner Bros. Discovery, a single company will control roughly a third of the movies that reach theaters and roughly a third of basic cable programming, along with two of the largest streaming services and two national news organizations, CBS News and CNN, under the same roof. That outcome moved closer…
Two of America's five largest film studios, Paramount and Warner Bros. Discovery, are seeking to merge their operations. This proposed merger would grant a single entity control over around one-third of theatrical releases and one-third of cable television programming, in addition to two major streaming platforms and two national news organizations, CBS News and CNN.
The deal drew closer on Monday, as Paramount reportedly reached an agreement with California Attorney General Rob Bonta, who leads a lawsuit on behalf of 12 states attempting to halt the merger. Paramount's Ellison family, who control the studio, had demanded a settlement without substantial structural changes, contenting that the merger could proceed based on hollow, unenforceable promises.
However, before any agreement can be finalized, it is crucial to consider the financial impact on various demographics. Latinos constitute 19% of the U.S. population and accounted for 29% of all movie ticket sales in 2020. They frequent theaters more frequently than any other group, and Latino households possess a purchasing power exceeding $4 trillion. Similarly, Black Americans are also significantly affected by this potential merger.
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- A Paramount-Warner merger will hurt Hollywood and people of color koreatimes.co.kr
