Netflix is trying to allay concerns that its takeover of Hollywood veteran Warner Brothers could torpedo the future of the movie theater industry.
The streaming giant will not expose Warner’s cinema business to any risks, assured co-chief Ted Sarandos in an interview with the New York Times. For example, the current time window of around 45 days for films to be shown exclusively in cinemas will be retained.
Netflix had shown little enthusiasm for film theaters in the past. When asked about this, managers always replied that it was more important for the company to release films to hundreds of millions of streaming customers than to release them in cinemas. When the Warner takeover plans were announced, Sarandos signaled that Netflix was expecting a gradual change in the periods in which films could only be seen in cinemas.
American cinema operators worry that shorter exclusive windows could mean losing out on vital revenue. Films from Warner have recently been an important pillar of cinema business.
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We want to win”
Sarandos emphasized that Netflix also wants to be number one in the cinema business after taking over Warner. “We want to win” – both in the first weekend of a film and in overall box office receipts. By looking into Warner’s balance sheets, Netflix discovered that the Hollywood company’s cinema business was doing better than expected.
Netflix wants to buy Warner Brothers’ studio and streaming business in an $83 billion deal – without the television channels that currently belong to the group, such as CNN. Rival Paramount, on the other hand, is offering $108.4 billion for the entire current Warner Bros. Discovery company. Warner management opted for Netflix’s bid, and Paramount then turned directly to shareholders. The outcome of the bidding competition is still open.
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