‘Didn’t buy Warner Bros to harm value’, says Netflix co-CEO Ted Sarandos, assures they ‘will continue theatre releases’
Netflix co-CEO Ted Sarandos sought to clarify previous statements regarding theatrical releases and streaming of movies following his company’s acquisition of famed studio Warner Bros. Discovery, including its streaming and media businesses.
Speaking at the ‘Emily in Paris’ premiere in Paris, Sarandos told Variety magazine in the United States that the deal was not intended to “damage” the current value of Warner Bros., on the contrary, it would “bring out the best.”
Ted Sarandos about upcoming movies: ‘I didn’t buy Warner Bros. to hurt it’
CEO, Netflix’s Warner Bros. He said that he plans to continue releasing films made by , in theaters, and that he plans to continue the company’s “incredible film legacy.”
“We will be running Warner Bros., a very successful company with an incredible film legacy. We did not acquire the company to undermine any values that currently exist,” Sarandos told Variety.
He added: “We plan to release all Warner Bros. films theatrically as they are today. So we’re very excited about this acquisition and really want to continue to bring out the best in everything these companies do.”
Has Ted Sarandos made a U-turn on theatrical releases?
Sarandos and co-CEO Greg Peters have struck an increasingly conciliatory tone, confirming in multiple statements that Netflix will not cancel Warner Bros.’ theatrical releases. Sarandos has previously described going to the theater as an “outdated” experience.
In a letter to employees on December 15 (Monday), Peters and Sarandos assured employees that their jobs are safe and that Netflix is committed to releasing Warner Bros. movies in theaters. “We have not prioritized theater in the past because that was not our business at Netflix. We will be in the business when this deal is completed,” the letter reportedly said, according to Bloomberg.
However, industry sources continue to suggest that Netflix is opting for a 17-day exclusive theatrical run; This is much shorter than the 45-day period that many participants felt was necessary for sustainability.
Is there heavy criticism from the film industry behind the change in stance?
Notably, this comes amid criticism from big Hollywood names, including James Cameron. Three-time Oscar winner James Cameron has expressed concerns about the future of theatrical cinema due to a potential Netflix-Warner Bros partnership, warning that he and like-minded filmmakers will resist moves that would harm the big-screen experience.
“Look, it’s no secret that Netflix has had to compromise with Guillermo del Toro and a few filmmakers like that to keep up with the theatricality in a funny way, but I think it’s no secret that they want to change the theatricality,” Cameron told Deadline last week.
“Okay, so maybe it will happen, I don’t know, maybe I’m a dinosaur. I think there’s something sacred about the experience of going to the movies, and the ease and broad reach of streaming alone isn’t the complete answer. Maybe the universe aligns around those two principles, but you can’t just eliminate theatricality, and I’m going to argue against that,” he added.
