{"text":[[{"start":8,"text":"European film and audiovisual groups have urged EU regulators to subject Paramount Skydance’s $111bn takeover of Warner Bros Discovery to a thorough competition investigation, warning the deal could damage cultural diversity, weaken independent production and entrench the dominance of US entertainment giants."}],[{"start":27.85,"text":"The WBD takeover is being reviewed by regulators across the globe, including the US Department of Justice and watchdogs in the UK and the EU."}],[{"start":36.900000000000006,"text":"The letter, sent to members of the European Commission, the European parliament and several national delegations in the EU Council and seen by the FT, is one of the first clear signs of international opposition to the Hollywood merger."}],[{"start":50.45,"text":"It called for “a thorough investigation by European competition authorities” especially an assessment of “multiple impacts across the entire European audiovisual and cinematographic ecosystem”."}],[{"start":62.650000000000006,"text":"Paramount is in informal discussions with the Commission, the bloc’s antitrust enforcer, and is hoping to formally notify the Commission of the transaction in the coming weeks, people briefed on the talks said. EU competition chief Teresa Ribera met with Paramount chief executive David Ellison in Brussels this month."}],[{"start":80.7,"text":"Signatories include organisations representing directors, screenwriters and authors as well as cinemas. The Society of Audiovisual Authors, which manages the rights for more than 177,000 film, TV and multimedia European screenwriters and directors in 26 countries, has signed the letter. The International Union of Cinemas, with members in 34 countries, has also signed it."}],[{"start":105.1,"text":"In an apparent attempt to tap into growing desire for greater European tech sovereignty, the organisations warn the merger would create “yet another non-European gatekeeper” exerting control over the production, distribution and streaming of films and TV shows across the continent."}],[{"start":121.6,"text":"The opposition to the deal is mirrored in Hollywood. There are concerns that the sale of WBD to Paramount, which is planning to make significant cost cuts to hit a $6bn synergy target, will lead to extensive job losses and fewer options for film and TV programme makers. Paramount has committed to releasing 30 films annually. "}],[{"start":142.65,"text":"“The future of the European industry cannot rely solely on broad promises,” the signatories wrote, warning that pressure to service the merged company’s debt burden could lead to cost-cutting measures that could hit local production in Europe. "}],[{"start":156,"text":"They call on European authorities to ensure “meaningful, legally binding and enforceable commitments designed to protect the whole value chain”, arguing safeguarding cultural diversity and media pluralism should remain a priority for the EU."}],[{"start":170.45,"text":"Paramount said it did not comment on ongoing regulatory proceedings. “As we have said before, we have been engaged with all regulatory and law enforcement bodies in a constructive and transparent manner and will continue to do so,” it added."}],[{"start":184.6,"text":"On the letter, the spokesperson said Paramount had “made clear output-enhancing commitments to increase output to an annual 30 high-quality films released in theatres, to continue licensing content, and to preserve iconic brands with independent creative leadership”. They added that the deal would “enhance consumer choice, including on the big screen in Europe”. "}],[{"start":205.1,"text":"Additional reporting by James Fontanella-Khan in New York"}],[{"start":217.45,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1779429392_9538.mp3"}