One Battle After Another and Sinners are two films set for big wins at the Oscars this weekend – but with the studio behind them potentially facing a huge takeover, industry experts say this is a time of great uncertainty in Hollywood.
Warner Brothers has 30 Oscar nominations in total, more than any of its rivals – and mainly thanks to these two films, with period vampire horror Sinners alone picking up a record-breaking 16 nods.
But after a century of filmmaking influence, the studio is poised for a takeover so vast it could reshape Hollywood’s structure, power dynamics, and even creative output.
Michael B Jordan plays twins Smoke and Stack in Sinners. Pic: Warner Bros
The Paramount Skydance deal, struck for an eye-watering $110bn, subject to reviews, would bring together two of the city’s five legacy studios.
Many in the industry are now looking to what happens after the Oscars ceremony.
“This is a very exciting time for Warner Brothers,” says Brian Welk, senior business reporter for entertainment site IndieWire. “They are most likely going to win best picture with one of their two films, and yet we don’t know the future of what the film people in charge will be able to do moving forward, or will they still be around or still have that same autonomy?”
Paramount, led by billionaire Larry Ellison’s son, David, has political connections to Donald Trump’s administration. The deal is still subject to approval from regulators, and both Democrats and Republicans have raised concerns it could result in higher prices and fewer choices for customers.
David Ellison at the Top Gun Maverick UK premiere in London in 2022. Pic: AP/ Alberto Pezzali
Cinema operators have also said combining large Hollywood studios could cost jobs and reduce the number of films released in theatres.
“These are two very aligned companies that have a lot of similar structures,” says Brian. “They have two lots that are both in Hollywood.
“There’s many people who are wondering, are Paramount and Warner Brothers even going to keep both lots? Are they going to lay off thousands of people?”
Deal could ‘threaten livelihoods’, union says
Sean O’Brien, general president of the International Brotherhood of Teamsters. Pic: Tom Williams/CQ Roll Call via AP Images 2025
On Thursday, the International Brotherhood of Teamsters labour union said it had warned the Department of Justice (DoJ) in a report that the proposed takeover posed a direct threat to film and television workers nationwide, including almost 15,000 of its rank-and-file members in the industry.
It has called for the deal to be blocked unless “substantial and enforceable safeguards are put in place to increase domestic production and protect jobs”.
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“This merger threatens the livelihoods of the very workers who built these studios into industry giants,” said Teamsters general president Sean M O’Brien. “We’ve seen what happens when corporations consolidate power: jobs disappear, production leaves American communities, and workers pay the price.
“The DoJ has a responsibility to stop deals that eliminate competition and harm working families.”
Sky News has contacted Warner Bros and Paramount for comment.
Leonardo DiCaprio stars in One Battle After Another. Pic: Warner Bros via AP
Asked about the deal and uncertainty in the industry at the Oscar Wilde Awards, hosted by the US-Ireland Alliance ahead of the Oscars, filmmaker JJ Abrams said things feel “shaky and unsettled” at the moment.
The producer, best known for the Star Trek reboot and two of the new Star Wars films, continued: “I think it’s not necessarily human nature to realise that things can settle and things can get better and I feel like staying hopeful is very important. Doing the best work you can is really important.
“There are so many brilliant people here and I hope that, especially in Hollywood, that we’re able to allow for production with tax incentives to remain here, for post-production to remain here. There’s so much work and so much brilliant talent in the city that is really not getting a chance because productions are choosing to go elsewhere because of incentives.
“So, I’m really hopeful that we are able to get to a place where movies and shows continuously and increasingly can be made here.”
While the deal is not set in stone yet, for Hollywood this is huge, not only in terms of the US film industry but the wider media landscape.
Warner Brothers will be enjoying its moment in the sun at the Oscars on Sunday – but things could be very different for ceremonies to come.
