LOS ANGELES — An open letter signed by hundreds of Hollywood heavyweights was published on Monday opposing a deal that would see the historic Warner Bros. studio acquired by rival Paramount.

Actors including Jane Fonda, Joaquin Phoenix and Bryan Cranston, as well as directors JJ Abrams and Denis Villeneuve, are among more than 1,000 people who have added their names to the protest opposing the mega-merger between two of Hollywood's storied studios.

"This transaction would further consolidate an already concentrated media landscape, reducing competition at a moment when our industries — and the audiences we serve — can least afford it," the petition said.

"The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences."

Paramount Skydance, which is run by David Ellison, in February said it was planning a $111 billion takeover of Warner Bros., home to mega-grossing franchises including Harry Potter, The Lord of the Rings and Game of Thrones.

The bid topped one from industry upstart Netflix, which had been seen as the least worst of the two options by Hollywood insiders.

People across Tinseltown fear that the consolidation of two studios will inevitably lead to cuts, especially since the enormous price tag is reportedly set to be financed, meaning the new owners will have to make savings.

Cuts will affect not only the creatives who power the US' movie industry but will also crimp employment for tens of thousands of people who work below the line — the makeup artists, set designers, limo operators, food truck owners and florists around Los Angeles.

"Alarmingly, this merger would reduce the number of major US film studios to just four," the letter said.

"Our industry is already under severe strain, in large part due to prior waves of consolidation.

"Competition is essential for a healthy economy and a healthy democracy. So is thoughtful regulation and enforcement. Media consolidation has already weakened one of America's most vital global industries — one that has long shaped culture and connected people around the world."

Paramount Skydance, whose bid is understood to be supported by US President Donald Trump, has pledged to continue cinematic releases at a regular clip.

"We have been clear in our commitments to (increase) output to a minimum of 30 high-quality feature films annually with full theatrical releases," the company said in a statement on Monday.

Agencies via Xinhua