Hollywood consolidates and the powers negotiate. What do people gain?

Paramount completed the acquisition of Warner Bros. Discovery on October 6, creating the combined company Skydance. Under the umbrella of the business group, it will run assets such as CBS, CNN, HBO and the two major film studios. 

The company has announced a target of at least US$6 billion in annual savings from synergies it expects to achieve within three years. That is a projection by the company, not savings already realized. 

While the word synergy sounds splendid from a corporate standpoint or to the investors of the new media giant, public debate must examine how those synergies will be achieved: what happens to jobs at the companies that merge, to the range of products on offer, to the diversity of content and to consumer prices.

If the merger only strengthens the owner, and the negotiation does not respect labor rights, news pluralism, and the merger does not lower consumer prices, then society will have been poorly served.

Moreover, a larger company may be more competitive, but its size also demands scrutiny. 

In particular, media concentration deserves special attention, since when information and entertainment share powerful owners, editorial independence needs verifiable guarantees. 

Real democracy depends on journalists being able to make even those who sign their paychecks uncomfortable.