Disaster, catastrophe, and nightmare. That's how Hollywood's creative workers describe the fall of the once mighty Warner Bros, as Netflix and Paramount battle to buy the historic studio and tinsel town braces for more upheaval and job losses.
Warner's decline and impending sale – whether it's to Paramount Skydance as a whole, or to Netflix cut up in parts – is being mourned in Hollywood, where a historic production slump has already battered the entertainment industry. The loss of the studio, which has created iconic films ranging from Casablanca and Goodfellas to Batman and Harry Potter, likely means more job cuts and definitely means one less buyer of film and TV projects.
Interviews with dozens of actors, producers, and camera crews reveal an industry attempting to weigh the lesser of two evils: control by a tech giant blamed for killing movie theatres (Netflix) or billionaires seen as too cosy with President Trump (Paramount).
David Ellison is a right-wing billionaire Trumper, a camera assistant said of the Paramount Skydance CEO. Netflix tends to not micromanage production.
If Netflix gets the deal they want, they will buy Warner Bros' crown jewels – the 102-year-old studio, HBO, and its vast archive of films and TV shows – leaving Warner's legacy TV networks for another buyer. Meanwhile, Paramount Skydance's $108 billion hostile takeover bid for Warner Bros includes backing from various wealthy Middle Eastern countries.
The Warner Bros deal follows a line of major shake-ups in Hollywood since the pandemic, with many media companies merging or closing entirely. When Warner Bros announced its sale, Paramount launched an aggressive campaign to buy the company. Reality for Hollywood workers is grim as the industry tries to reinvent itself amid consolidation and growing AI usage in entertainment.
Overall, uncertainty reigns over the future of Warner Bros and its legacy, with many in Hollywood voicing their concerns about the prospect of corporate control reshaping the industry.
