Paramount Skydance shocks the entertainment industry yet again, but how does this affect the film industry?
Paramount acquired Warner Bros. Discovery on Feb. 26 after they outbid streaming giant Netflix with a $111 billion deal. Many individuals were shocked as Netflix looked like the front runners to acquire Warner Bros, but many were also skeptical as Paramount’s CEO David Ellison is good friends with U.S. President Donald Trump
“Having friends in the White House kind of helped push that merger,” said manager of Film London Andrew Dodd.
The deal may be good for Paramount+ subscribers, but many working for Paramount may be without a job.
Logo of the London Economic Development Corporation building where Film London is (Noah Paradis/ XFM News)
“Anyone you’ll see a merger of companies, they’re gonna go okay, we used to have five people in sales over here and five people in sales over there, but now we’re one big company, so nine of you are getting laid off,” said Dodd.
Just this past holiday season, the movie ‘Very Merry Mystery’ which had local producers develop it, was on the Oprah Winfrey Network and HBO.
Dodd believed that streaming will allow more local films to make it to worldwide audiences.
“In theory, streaming should open the doors because you’ve got more companies than ever that are developing or distributing content and its much cheaper than it was to produce for.”
The main question that some have now, is what film company is going to be the next one that is a part of a merger?
“Look at whatever major studios are left and that would be Universal Studios. So that’s where I could see maybe Amazon or Netflix coming in with a deal,” said Dodd.
With the film industry becoming more and more dominant in the streaming sector, local producers may have to ship off their films to services instead of the traditional theatre that may slowly be dying out.
This is the second major splash Paramount did in the entertainment industry as in January, they acquired the U.S streaming rights to the UFC.
