As Paramount halts Warner Bros. acquisition, NAHJ members share relief, fears for the future
The news that Paramount agreed Friday to place its $111 billion acquisition of Warner Bros. Discovery on hold, according to court filings, drew a collective sigh of relief at the National Association of Hispanic Journalists conference.
Several journalists told the Latino Reporter that they had feared for the future of the industry amid growing media consolidation, layoffs and a constricting job market — and saw Paramount’s decision to halt the merger as a small sliver of good news.
Earlier this month, the deal came to a halt after a dozen state attorneys general and the Writers Guild of America filed lawsuits arguing the merger would shrink competition and minimize consumer choices. Paramount planned to take over Warner Bros. by the end of September, but won’t complete the takeover until either the cases are resolved or the deadline of June 1, 2027, passes — whichever comes first.
Jennifer Rodman, an editorial assistant at City News Service in Los Angeles, said she’s “relieved at the moment” but fears the consequences of the deal eventually moving forward.
“I don’t want them to merge,” Rodman said. “A lot of people are going to lose their jobs.”
The acquisition would unite two major film studios, streaming services Paramount and HBO Max, as well as CBS and CNN. The merger was announced in February and the Warner Bros. the deal in April.
Telemundo digital producer Thayma Sánchez Gómez wonders how the merger will impact her as a consumer, and whether subscription prices will increase following the deal.
She said the current state of media consolidation is reminiscent of 2008 in Puerto Rico, when an economic recession led to bank failures and reduced competition.
“I think this also fosters a sort of monopoly where, at the end of the day, it’s just four people, four millionaires,” she said.
Paramount has previously said in a statement that the lawsuits reflect “a fundamentally flawed application of the antitrust laws and is wrong on both the facts and the law.”
“Delaying this transaction will only harm entertainment workers who have already suffered over recent years as technology has disrupted their livelihood and cost California tens of thousands of entertainment jobs,” the company wrote.
Nallely Pimentel, an independent journalist and former TV reporter, said she’s concerned about how media consolidation impacts workers. Despite Friday’s news, Pimentel said. she still believes the Paramount transaction will happen.
“The fact that you’re on standby … that brings a lot of uncertainty,” she said.
Pimentel, who founded her own company offering business consulting, digital marketing and mentorship services, said the modern journalist needs to be resilient and adaptable when navigating an unstable media industry now and into the future.
“There is a world of possibilities — including in technology and innovation — where we as journalists can play so many other roles,” she said.
Angela Osorio is a senior at Cal State Long Beach and is the editor in chief of the Long Beach Current, her campus newspaper. She has interned for the Los Angeles Times and at ABC 7 in Los Angeles. She hopes to one day work for a national newspaper. Reach her at angoso1638 [at] gmail [dot] com.
