Cory Booker

New Jersey has become one of the fastest-growing film and television hubs in the country. While New Jersey media is largely associated with "The Sopranos," this new era has evolved into a full-scale production ecosystem, supported by tax incentives, studio development, and a growing workforce pipeline.

In 2024, more than 550 productions filmed in the state, generating more than $800 million in in-state spending. So, it is a bit shocking that Sen. Cory Booker, a Democrat and New Jersey's senior senator, is leading the charge against the proposed Paramount-Warner Brothers Discovery merger as a ranking member of the Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights.

He claims that, “everyday Americans oppose this merger for a reason: it’ll cut jobs, jack up prices for consumers, choke free speech, and put outsized power in the hands of one mega corporation.” But this framing does not reflect the economic reality in New Jersey.

New Jersey needs a vibrant film and TV industry

According to the Motion Picture Association, New Jersey has more than 18,510 direct film and TV jobs, with a total impact of 58,190 jobs once indirect and induced activity are included. Recent state data also shows that job growth in the industry has been accelerating — in 2024, roughly 30,000 crew members were hired for film production, double the number of hires in 2023.

This growth reflects a deliberate strategy to attract major studios initiated under former Gov. Phil Murphy and continued under Gov. Mikie Sherrill. New Jersey offers up to 40% in film and digital media tax credits and productions can qualify if they spend either 60% of production expenses in-state or more than $1 million in qualified New Jersey expenses.

New Jersey has made a deliberate policy choice to attract film production, and the results in jobs, spending, and studio investment are already visible.

The state has also paired incentives with infrastructure. The Film Commission says New Jersey already has almost 70 sound stages in operation, with another 70 expected by 2026. This expansion is occurring at a time when production has declined in several rival states, giving New Jersey a relative advantage in attracting new projects.

How can we reconcile Booker's position?

Given this, it is difficult to reconcile Booker’s position with the state’s broader economic strategy of the state he represents.

One of the key points Booker misses is that film studios are no longer just competing with each other. They are competing in a broader content market defined by distribution, platform access and viewer attention. Streaming and content distribution are increasingly dominated by large technology platforms, such as Netflix, Amazon, Apple and Google, which largely control how content reaches audiences.

Even if the proposed merger were approved, the combined firm would still yield 100 million fewer subscribers than Netflix—hardly indicative of market power. In film production, the combined companies would hold approximately 17% of the box office market, still trailing competitors like the Walt Disney Company.

New Jersey’s own annual reports note that Warner Bros. was the first studio to film in the state under the revived incentive program, using New Jersey for "Joker" and later returning for "The Many Saints of Newark." The 2022 report also lists "Full Circle" as a Warner Bros./HBO Max production in Fort Lee, and "Smile" as a Paramount Pictures film that used the New Jersey tax incentive and went on to gross more than $217 million worldwide.

The connection to the state is important, as Warner Brothers’ film segment has experienced declining EBITDA, with revenue down 12% year over year. If the company is forced to scale back production or close studios, that contraction would directly affect New Jersey workers and suppliers tied to the production pipeline.

From both an economic and political perspective, the case for opposing this merger is weak — particularly for a state that has actively positioned itself as a destination for film production.

Why the Paramount-Warner Bros. deal is important to New Jersey

From a Garden State perspective, the strongest case for supporting a Paramount–Warner Bros. deal is that a larger combined studio could channel more long-term production, post-production, and vendor spending into New Jersey’s expanding studio ecosystem, especially given Paramount’s existing long-term commitment to Bayonne.

As Booker stated on his website, “Most importantly, workers and communities who would be affected [by this merger] will continue to use their voices to demand more from their representatives than silence and surrender.” I agree, but for all the opposite reasons.

Workers should use their voices to demand that Senator Booker stop opposing this merger, which risks reducing investment, slowing production, and weakening one of New Jersey’s fastest-growing industries.

Danielle Zanzalari is an assistant professor of economics at Seton Hall University. She frequently researches on financial regulation, public finance and antitrust.