PARIS – Netflix co-CEO Ted Sarandos has reassured the film industry that Warner Bros. movies will continue to receive theatrical releases even if the streaming giant’s $82.7 billion acquisition of the studio (and HBO Max) goes through. Speaking at an event in Paris on December 16, 2025, Sarandos emphasized: “We’re going to continue to operate Warner Bros. studios independently and release the movies traditionally in cinema.”
The pledge addresses widespread concerns from theater owners, filmmakers, and exhibition groups that Netflix—known for prioritizing streaming with limited or short theatrical windows—might phase out big-screen debuts for Warner classics like the Harry Potter franchise, DC Comics adaptations, or upcoming titles. Sarandos acknowledged past comments suggesting cinema was “outdated” but clarified: “My pushback has been mostly on long exclusive windows… but we’re committed to supporting theatrical for Warner films.”
Deal Context: A Blockbuster Bid Amid Rivals
Netflix emerged victorious in a heated bidding war against Paramount Skydance and Comcast for Warner Bros. Discovery’s film/TV assets (excluding linear networks). The deal, pending regulatory approval (expected 12-18 months), includes honoring existing theatrical commitments through 2029. Sarandos noted Netflix released ~30 films in theaters in 2025 (mostly limited runs for awards qualification) and plans no immediate shift for Warner’s slate.
Critics, including Cinema United, warn of potential long-term erosion: Shorter windows could shrink box office (Warner contributes ~25% domestically). Supporters see flexibility as “consumer-friendly,” quicker access post-theater.
What It Means for Moviegoers
- Short-Term: Planned Warner films (e.g., Lord of the Rings sequels, Gremlins 3) get traditional releases.
- Long-Term: “Evolving windows”—likely shorter exclusives before streaming.
- Netflix Originals: Remain streaming-first.
Sarandos highlighted Warner’s century-old expertise in theatrical as a learning opportunity for Netflix, which built its library in just 12 years.
In an industry navigating post-pandemic recovery and streaming dominance, this promise balances tradition with disruption—ensuring blockbusters like Superman sequels still light up screens before landing on your couch.
Deal Snapshot:
| Aspect | Details |
|---|---|
| Acquisition Value | $82.7 billion |
| Assets | Warner Bros. studio, HBO/HBO Max |
| Theatrical Commitment | Continue traditional releases; windows may shorten |
| Regulatory Timeline | 12-18 months |
| Sarandos Quote | “Release movies traditionally in cinema” |