LOS ANGELES—Hollywood’s elite producers expressed a stunning range of emotions—ranging from mild alarm to total resignation—as they paraded down the Producers Guild Awards red carpet Saturday night, all pondering Paramount and Warner Bros. Discovery’s landmark merger that will form what experts are calling “the world’s first studio monolith.”

“It’s bittersweet,” said Cassandra Treff, executive producer of minor Netflix hit “Hamsters of Wall Street.” “On one hand, the industry’s creative options are being reduced to the same three tentpoles. On the other, my pitch for ‘Fast & Furious 12: Hogwarts Drift’ might finally get greenlit.”

Rumors of widespread layoffs sent ripples of concern through the glittering crowd, but many producers tried to remain upbeat. “Sure, tens of thousands will lose jobs, but just imagine the synergy,” mused Dean Powers, a man recently seen producing a 47th reboot of a ’90s sitcom. “I can’t wait to see Batman team up with SpongeBob to find The Lost Ark of Paw Patrol.”

Other veterans were more philosophical. “Studios merging is a time-honored Hollywood tradition—like renaming streets after yourself or losing box office to a video game adaptation,” offered longtime industry stalwart Russell P. Mint. “We’re just glad that America will finally have a single streaming app with every film ever made, plus 17 different versions of The Big Bang Theory.”

At press time, the newly merged company, officially titled “ParaWarnerMount Discovery Bros. LLC, Inc.,” announced its first annual meeting would be held in the backseat of a Tesla stuck in LA traffic.