Netflix co-CEO Ted Sarandos has sought to clarify previous statements on cinema screenings of movies and streaming amid his company's acquisition of storied studio Warner Bros Discovery, including its streaming and media business.
Speaking at the ‘Emily in Paris’ premiere in Paris, Sarandos told United States publication Variety that the deal does not seek to “harm” Warner Bros' current value but will “bring out the best”.
Ted Sarandos on movie releases: ‘Didn’t buy Warner Bros to harm'
The CEO said that Netflix plans to continue theatrical releases for movies made by Warner Bros and plans to uphold the company's “incredible legacy of film”.
“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 Variety.
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.”
Did Ted Sarandos make U-turn on cinema releases?
Sarandos and co-CEO Greg Peters have increasingly struck a more conciliatory tone, confirming in multiple statements that Netflix will not dump theatrical releases from Warner Bros. Sarandos had earlier called going to the theatre an “outdated” experience.
In a letter to employees on 15 December (Monday), Peters and Sarandos assured employees that their jobs are safe, and that Netflix is committed to releasing Warner Bros movies in theatres. “We haven’t prioritised theatrical in the past because that wasn’t our business at Netflix. When this deal closes, we will be in that business,” the letter reportedly said, as per Bloomberg.
However, industry sources continue to suggest that Netflix favours a 17-day exclusive theatrical window, far shorter than the 45-day period many exhibitors consider essential for sustainability.
Criticism from movie industry heavy weights behind change in stance?
Notably, this comes amid criticism from big Hollywood names including James Cameron. Three-time Oscar winner James Cameron voiced worries about the future of theatrical cinema due to the potential Netflix–Warner Bros tie-up, warning that him and like-minded filmmakers would resists moves that harm the big-screen experience.
“Look, it’s no secret that Netflix, they’ve kind of, in a funny way, they’ve had to make an accommodation with a few filmmakers like Guillermo del Toro and so on to keep a foot in theatrical, but I think it’s no secret that they want to replace theatrical,” Cameron told Deadline last week.
“OK, I mean, maybe that happens, I don’t know, maybe I’m a dinosaur. I happen to think that there’s something sacred about the movie-going experience and just the ease and broad access of streaming is not the complete answer. Maybe the universe adjusts around those two principles, but you can’t just steamroll theatrical out of existence and I’m going to stay opposed to that,” he added.
