New York City Mayor Zohran Mamdani blasted the blockbuster Paramount–Warner Bros. Discovery merger as a direct threat to jobs and consumers — this as WBD shareholders overwhelmingly approved the tie-up on Thursday.
“This merger is bad for New Yorkers three times over,” Mamdani wrote Thursday morning on X as shareholders prepared to vote on the deal.
“Thousands of jobs at risk here in the city. Streaming bills going up as competition disappears. And two of America’s most powerful media companies under one roof, deciding what you watch and what you hear,” he added.
The mayor capped his broadside with a clear call to action: “Today, as Warner Bros. and Paramount shareholders vote, New York City is on record: this merger should be stopped.”
Hollywood figures, labor groups and progressive politicians have increasingly framed the merger as a threat to competition and creative output, while critics argue it could shrink the number of major studios and reduce opportunities for workers and independent creators.
Reaction online was swift and deeply divided, reflecting the broader national debate over consolidation.
Hedge fund manager Daniel S. Loeb signaled support for the deal, posting bluntly: “WBD shareholder here voting for.”
Others mocked the backlash entirely. “Classic 2026 big media consolidation panic,” one user wrote, arguing that “new tech and indie creators are eating traditional media’s lunch anyway.”
Some critics accused Mamdani of overreach.
“If two companies want to merge, let them. Shouldn’t be up to anyone to decide but them,” another user wrote.
Some supporters, meanwhile, echoed the mayor’s concerns.
“A merger that results in less competition, higher prices, and thousands of New Yorkers out of work? Hard pass,” one post read, praising City Hall for calling out the risks.
Others warned about media concentration. “Consumers will benefit and the message would be delivered under one voice to fit one narrative!” another user wrote, capturing fears about centralized control.
The Post has sought comment from Paramount and WBD.
Shareholders delivered a stinging — if symbolic — rebuke to WBD CEO David Zaslav even as they greenlit the blockbuster deal.
While investors overwhelmingly approved the Paramount Skydance merger, a majority voted against the massive exit pay packages for Zaslav and his top lieutenants, signaling deep frustration with executive compensation.
The vote carries no binding force and won’t block payouts that could exceed $500 million for Zaslav.
WBD’s board formally approved and recommended the Paramount Skydance merger late last month, when the company announced the special shareholder meeting and said directors were unanimously backing the deal.
Under the current terms, shareholders are slated to receive $31 per share in cash — a massive premium — with the companies now guiding to a closing in the third quarter of 2026, assuming regulators sign off.
Paramount has locked in debt commitments to fund the deal and lined up roughly $20 billion-plus in backing from Gulf sovereign wealth funds, solidifying a funding structure that had previously raised doubts.
But the political heat is intensifying just as the deal moves closer to reality.
Rob Bonta, California’s attorney general, has warned the merger is “not a done deal,” signaling aggressive state-level scrutiny, while more than 1,000 Hollywood creatives have rallied behind efforts to block it over fears of job losses and reduced competition.
