LAS VEGAS – Paramount Pictures is set to showcase their upcoming film lineup to theater owners at CinemaCon in Las Vegas on Thursday. This event comes as the company is in the midst of finalizing a significant deal to acquire Warner Bros.
Back in late February, David Ellison’s Paramount Skydance struck a deal valued at a staggering $111 billion to purchase Warner Bros. Discovery. This acquisition has been a focal point of discussions at the convention, raising questions about its potential impact on the struggling exhibition industry.
During a two-hour presentation by Warner Bros. on Tuesday, there was no mention of Paramount. However, some filmmakers present, like Denis Villeneuve and J.J. Abrams, were among many who signed an open letter opposing the merger. Interestingly, the only studio to touch on the topic was Amazon MGM, referencing it humorously in a promo for the “Spaceballs” sequel, reflecting its own $8.5 billion merger history.
James Cameron, co-director of Paramount’s upcoming concert film “Billie Eilish — Hit Me Hard and Soft: The Tour (Live in 3D),” stands among the few filmmakers openly supporting the deal. In a recent interview with The Associated Press, Cameron expressed confidence in Ellison, describing him as a “natural born storyteller” who deeply values cinema.
“He’s the right person to run a major studio, and now it seems he’ll be leading two,” Cameron remarked, indicating that he has no concerns about the merger.
Having recently completed its own $8 billion merger with Skydance, Paramount has committed to releasing 15 movies in theaters by 2026. Ellison has ambitious plans to ramp this up to 30 theatrical releases annually for the combined Warner Bros. and Paramount entity. The merger still requires shareholder approval and regulatory consent from both state and federal levels. The U.S. Justice Department’s evaluation will be crucial, as the merger could potentially grant Paramount significant pricing power, affecting consumer choice.
In documents filed to the Securities and Exchange Commission, Paramount said, “Our priority is to build a vibrant, healthy business and industry — one that supports Hollywood and creative, benefits consumers, encourages competition, and strengthens the overall job market.”
They’ve also said they would look for ways to save some $6 billion through job cuts in “duplicative operations.”
Executives at Paramount have argued that merging with Warner will allow it to compete with bigger rivals particularly in the streaming space and bring larger content libraries for its customers. The 102-year-old Warner Bros. has a film library that includes “Harry Potter,” “Superman” and “Barbie.”
On Wednesday, Democratic Sen. Cory Booker held a spotlight hearing in Washington, D.C., on the potential anticompetitive impact of the consolidation of two of Hollywood’s big five studios into one.
Actor Mark Ruffalo, who has been one of the most outspoken critics of the merger said, “tens of thousands of workers will be left poorer, along with the audiences we serve.”
David Borenstein, who just won an Oscar for his documentary “Mr. Nobody Against Putin,” noted that it could further erode access to documentary filmmaking, “because a small number of distributors have consolidated power and decided to feed audiences a narrow and politically safe diet of content.” While neither Paramount Studios nor Warner Bros. are particularly well-known for their non-fiction releases, WBD companies CNN and HBO are.
At CinemaCon, however, Paramount may just stick to the upcoming releases. The studio has already had a hit this year in “Scream 7,” which has made over $212 million worldwide.
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