Will Continue Theatre Releases: Netflix Co-CEO Dismisses Fears Of 'Harming' Warner Bros Value
Netflix plans to continue theatrical releases for movies made by Warner Bros and plans to uphold the company's “incredible legacy of film”, the co-CEO said.
Netflix Co-Chief Executive Officer Ted Sarandos said the company's proposed $82.7 billion acquisition of Warner Bros. will not diminish the studio’s theatrical legacy.
Speaking to Variety on the sidelines of the Emily in Paris premier, Netflix co-CEO Ted Sarandos said he intends "to release all the Warner Bros movies in cinema the same way they do today" if the Netflix-WB deal goes through.
“We're going to run Warner Bros — it's a very successful company, with an incredible legacy of film. We didn't buy the company to harm any of the value that currently exists,” Sarandos told the publication.
He added, “We intend to release all the Warner Bros movies in cinema the same way they do today. So, we're very excited for the acquisition, and we really do want to continue to bring out the best of everything that those companies do.”
This announcement comes amid growing concerns in Hollywood over the acquisition’s potential impact on cinema. Theater chains and industry voices have expressed worry that Netflix’s model might shorten theatrical windows, undermining box office revenue.
The battle for Warner Bros. has already sparked concerns in Hollywood, with unions calling out the potential job losses, in theaters. The concern is about the future of film releases and also actors worrying about free speech.
Now, the debate is also about which company will end up owning Warner Bros. Paramount is offering $30 dollars a share compared to the $27.75 price point that Netflix has put on the table.
Paramount's bid is also closer to the $30 a share that the Warner Bros. chair emeritus, John Malone, had cited as a “possible” price for the deal earlier. While Netflix has looked at buying out the streaming and studio business, Paramount is eyeing to bag the whole of the company.
Additionally, Netflix is set to borrow heavily again, with the streaming company is looking to add tens of billions of dollars of debt to finance its planned $72 billion acquisition of most of Warner Bros.
