Robert Wolf: Delaying Paramount-Warner Merger Puts Hollywood Jobs and Investment at Risk

Wolf argues prolonged litigation creates economic uncertainty for an entertainment industry already under pressure

WASHINGTON, Aug. 18, 2026 /PRNewswire/ -- Robert Wolf, former economic advisor to President Barack Obama and former chairman and CEO of UBS Americas, is warning that prolonged litigation surrounding Paramount Skydance's proposed acquisition of Warner Bros. Discovery could create significant economic consequences for Hollywood, its workforce and the broader entertainment industry.

In a commentary originally published in the Los Angeles Times, Wolf argues that the greatest threat facing the transaction may not be the merger itself, but the economic uncertainty created by a legal battle that could stretch well into 2027.

"Delay is not a neutral policy choice. In fast-moving industries, delay becomes an economic decision in its own right," Wolf writes.

Wolf argues that prolonged uncertainty surrounding the transaction could delay investment, hiring, technology spending and decisions to greenlight new film and television productions at a particularly challenging time for the entertainment industry.

Traditional studios are already competing for audiences, advertising dollars and talent against much larger global streaming and technology companies. Wolf argues that combining Paramount and Warner Bros. Discovery would give the companies greater scale to compete, invest in content and support the thousands of creative and production jobs that depend on a strong entertainment industry.

He also points to the potential consequences for California and New York, two states that have committed significant public resources to keeping film and television production — and the jobs associated with it — from moving elsewhere.

Wolf writes that while complex transactions deserve appropriate legal scrutiny, allowing uncertainty to persist for years carries its own economic costs:

"Our legal system should examine complex transactions carefully, but it also should recognize that justice delayed can become investment delayed, innovation delayed and job creation delayed."

READ THE FULL COMMENTARY

Robert Wolf: "The greatest risk to Hollywood isn't the film industry's historic merger — it's the delay"

Originally published by the Los Angeles Times, August 16, 2026.

Read Robert Wolf's full commentary in the Los Angeles Times⁠

ABOUT ROBERT WOLF

Robert Wolf served as an economic advisor to President Barack Obama on the Economic Recovery Advisory Board and Jobs Council and was chairman and CEO of UBS Americas.

SOURCE Robert Wolf