This post was originally published on here
It’s really happening. After a competitive bidding period that saw Netflix, Paramount Skydance, and Comcast each put in offers, Warner Bros. Discovery has chosen Netflix, and the two companies have agreed to terms. WBD will move ahead with the planned split of its studios and streaming divisions, which Netflix will acquire, from its Global Networks division, Discovery Global, which is expected to happen in Q3 of next year. Netflix and WB’s deal will then be finalized sometime afterward, with an expected timeline of 12-18 months from now.
This is, of course, far from over. The deal will still have to secure regulatory approval in multiple countries, which could prove challenging, thanks to everything from serious antitrust concerns over Netflix’s streaming dominance to the Trump administration’s reported preference for Paramount and the Ellison family. It could be that this whole saga ends with Netflix paying WBD the $5.8 billion termination fee they have promised if the transaction falls apart.
But now, and for the next several months, this is what’s happening. And if you love movies and movie theaters, it’s a brutal way to end 2025.
Warner Bros. Brought Hope To Theaters This Year, Only To Snatch It Away
Already, this year has been a tough pill to swallow for theatrical. After being decimated by the pandemic and having Hollywood’s 2023 strikes cut deeply into their wares, movie theaters adopted the “survive ’til ’25” slogan, referencing when they hoped the studios would be restored to a full, successful slate of new films. But 2025, while not a bad year, hasn’t quite lived up to that. The box office performance has instead suggested this is the new normal, and a return to the halcyon days of 2018 and ’19 won’t be happening anytime soon.
But all throughout this year, Warner Bros. was a source of real hope. This was the first true slate of films to have been made under Michael De Luca and Pamela Abdy, who took over as co-chairs and CEO of the film studio in July 2022, and it was a mix of original bets, IP plays, and sure-thing franchise installments. Not everything worked, but it often felt like it did. From A Minecraft Movie in April through The Conjuring: Last Rites in September, WB had seven consecutive movies open to $40 million domestic, the longest such streak in Hollywood history.
Those movies also made an impact beyond the finances. Minecraft, Sinners, Superman, and Weapons felt like real cultural moments, the kind that have become fewer and further between at the movies since COVID. Sinners and One Battle After Another, the glorious products of a studio trusting and bankrolling singular filmmakers, are both major Best Picture contenders. (The odds that one of them wins have likely just gone up…) 2025 didn’t solve the industry’s problems, but this year did make it feel like there was a theatrical future for more than just the latest tentpole.
And now, that hope is being swallowed up by a streamer. In their official statement announcing the deal, Netflix claims they expect to “maintain Warner Bros.’ current operations and build on its strengths, including theatrical releases for films.” This makes good on what had been reported during their bidding process. But that statement also includes this quote from co-CEO Greg Peters, which doesn’t exactly sound like the company that considers theaters outmoded is turning over a new leaf:
“This acquisition will improve our offering and accelerate our business for decades to come. Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders.”
It’s impossible to know whether Netflix will stay true to their word, beyond the WB films with theatrical releases already written into their contracts. All we can know for certain at this point is that one of the key theatrical studios of the past century is being bought by a company that has shown again and again they don’t believe in releasing their films in cinemas. Even if wide releases do continue under the new regime, the foundation will have gone from commitment to reluctance. We know where they’ll lean whenever they’re on the fence.
I have nothing against Netflix, nor streaming services in general. There are aspects of this deal, especially on the television side, that I can see as genuinely exciting. But as someone who loves seeing movies on the big screen, and believes that’s where the art form truly lives and dies, this is a real sucker punch. Theaters are already hurting. If an entire studio disappears from the market, we might have to watch in real time as theatrical moviegoing actually does become a thing of the past.
