In one of the most ironic twists in Hollywood history, Netflix - the company that spent the last decade convincing the world that theaters are optional - is now promising to keep Warner Bros. movies on the big screen if it manages to buy the studio.
According to multiple sources inside the negotiations, Netflix has quietly assured Warner Bros. Discovery that it will honor all existing theatrical release obligations for the foreseeable future. That means tentpoles like the next Superman, Dune sequels, and whatever Christopher Nolan cooks up next would still open wide in cinemas instead of dropping straight to streaming on day one.
It’s a dramatic U-turn for a company whose entire brand was built on killing the traditional window. Ted Sarandos once famously said theatrical releases were just “a distribution choice,” not a requirement. Yet here we are: Netflix is willing to play nice with AMC and Regal if it means closing a $40–50 billion deal for Warner’s film and TV empire plus HBO Max.
Why the sudden change of heart? Simple survival math.
Hollywood is terrified that a Netflix-owned Warner Bros. would vacuum up one of the last reliable suppliers of blockbuster cinema. Warner films still generated over $1.2 billion at the domestic box office in 2024 alone. Lose that pipeline and theater chains - already limping along - could face another 15–20 % drop in attendance. Exhibitors have been lobbying Washington hard, warning that the merger could “extinguish the primary source of theatrical distribution.”
Investors aren’t thrilled either. Netflix shares have already fallen roughly 8 % since the rumors exploded in late October, erasing tens of billions in market value. Analysts worry about the mountain of debt Netflix would take on, the clash of corporate cultures, and the very real chance that Lina Khan’s FTC simply blocks the whole thing. A combined Netflix-Warner would instantly control over 30 % of the U.S. streaming market - well into antitrust red-flag territory.
Meanwhile, rival bidders are circling. David Ellison’s Skydance (backed by his billionaire father and Middle Eastern funds) wants the entire Warner Bros. Discovery portfolio, cable networks included. Comcast is reportedly interested in cherry-picking the movie studio to supercharge Peacock. Everyone has until roughly Thanksgiving to make their best offer.
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For now, the promise of theatrical releases is Netflix’s carrot to calm panicked studio executives and regulators.
Whether that promise lasts beyond the current slate of locked-in movies is anyone’s guess. Once the contracts expire, nothing stops Netflix from going full day-and-date again.
So enjoy the irony while it lasts: the company that trained a generation to watch Oscar contenders in their pajamas might be the one thing keeping movie theaters alive… at least until the ink dries.
Fade to black. Or maybe just to the Netflix logo. We’ll find out soon enough.
