THE MERGER ISN’T KILLING HOLLYWOOD. HOLLYWOOD ALREADY DID THAT:

Far from “thriving,” theaters sold roughly 770 million tickets last year — down 37% from 2019 and less than half the 1.57 billion sold at the 2002 peak. The share of adults who see a movie at least monthly has fallen by more than half. Receipts hold up only because the average ticket now runs north of $13. Charging ever more to ever fewer people is not a thriving business; it is a shrinking one, repriced. And moviegoers will tell you why they stopped coming: nearly 2 in 5 adults who attend less often say there is simply not a good enough variety of new films worth the trip.

Much of the rest of the case comes down to jobs. The Teamsters call the deal a “direct threat to film and television workers nationwide”; one producer predicted 10,000 job losses, without any data behind the figure. Yet the merger’s own critics have noted that Los Angeles County lost more than 42,000 motion picture jobs between 2022 and 2024 — years before this deal existed. Entertainment employment has fallen roughly 30% in four years, Los Angeles on-location filming is down more than 40% since 2022, and production employment sits at a 30-year low. Hollywood is not losing its audience to consolidation. It is losing its audience to itself.

Nor would blocking the deal freeze some healthy status quo in place. Warner Bros. Discovery was for sale because its trajectory was unsustainable. Its revenues slid from $41.3 billion in 2023 to $37.3 billion last year, after a $9.1 billion write-down in 2024 — the company’s own reappraisal of its worth. Stopping the deal does not change the market.

Opponents of the merger fail to consider the impact the deal could have on long-term employment across the wider creative economy, where the meaningful driver is production volume. Film and television support 2.01 million American jobs, pay $202 billion in wages, and sustain more than 162,000 businesses, 93% of which employ fewer than 10 people. A single-location shoot injects roughly $1.3 million a day into a local economy. The only question that matters is whether this merger means more movies or fewer.

The answer is on paper. Paramount has committed to maintaining both studios, releasing at least 30 theatrical films a year, and guaranteeing a 45-day theatrical window before video-on-demand. And since Skydance took over last August, Paramount has nearly doubled its slate from eight films to 15. These commitments mean more production days, more crews, more stages booked, more location spending — precisely what the unions say they want protected, and the only real medicine for what ails Hollywood: too few movies worth leaving the house for.

The success of Christopher Nolan’s Odyssey might be a pyrrhic victory for Hollywood, cementing audiences’ post-Covid habit to go to the movies a couple of times a year to see the blockbuster that has the most hype, rather than going nearly every weekend:

I think The Odyssey was the Trojan Horse that ended any hope regular folk had that Hollywood would once again make movies for the people. Enough turned out to justify digging their heels in with dogmatic virtue signaling unwatchable films and TV shows (with few exceptions)

— Sasha Stone (@realsashastone) July 25, 2026