A merger between Paramount and Warner Bros Discovery is progressing towards a targeted September completion, prompting concern that further consolidation in the film and television industry will cost thousands of jobs and reduce competition. The deal follows a string of recent studio mergers and has drawn legal challenges from multiple US states, the Writers Guild of America, and scrutiny from the European Union, even though it has already cleared federal review.

An LA county report estimated the merger could eliminate around 6,000 jobs, with nearly 2,500 in Los Angeles county alone, while California and 11 other states have sued to block the deal. Amid this backlash, Tennessee's deputy governor has written to Paramount chief executive David Ellison urging the combined company to relocate there, citing a favourable business climate, with an adviser to Ellison saying "everything is on the table" — a move critics warn would further damage Hollywood's film industry and cultural standing.