"Netflix Inc. has told management of Warner Bros. Discovery Inc. that it will keep releasing the studio's films in theaters if it's successful in buying the company, people familiar with the matter said. Warner Bros. has contractual agreements to release movies in theaters, which Netflix would honor, according to the people, who asked not to be identified revealing details of talks between the companies."
"The movie industry worries that a Warner-Netflix deal would eliminate another studio and major source of theatrical films. Netflix has given some films limited runs in theaters to qualify for awards and placate talent. Netflix co-Chief Executive Officer Ted Sarandos has described theaters as a declining business and said the company's biggest priority is satisfying its streaming customers. The trade association that represents theater owners said it's still concerned about Netflix's long term intentions."
Netflix informed Warner Bros. Discovery management that it would continue theatrical releases for the studio's films and honor Warner's contractual theatrical obligations if Netflix completes an acquisition. Netflix historically resisted broad theatrical distribution while building a streaming-focused studio rival, though it has given some films limited theater runs for awards and talent. Warner Bros. entered a sale process with bids due Thursday and suitors including Paramount Skydance, Comcast/NBCUniversal and Netflix. The potential pivot to honoring theatrical windows could make Netflix's bid more palatable, but theater owners and their trade association remain concerned about Netflix's long-term commitment to theatrical exhibition.
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