Paramount Vows to Release More Than 30 Films Theatrically a Year as It Launches Hostile Takeover Bid for Warner Bros. Discovery
Paramount promised to release more than 30 films theatrically as the company launched its hostile takeover bid for Warner Bros. Discovery. In a call with press and investors on Monday, the company said it will also honor “healthy traditional windows.”
It’s a clear swipe at Netflix, which outmaneuvered Paramount to reach a binding agreement to acquire Warner Bros. and HBO for $82.7 billion. Netflix Co-CEO Ted Sarandos has been dismissive of the theatrical experience, sparking fears among Hollywood’s creative community that by overtaking one of the major film studios, Netflix would hurt cinemas by releasing fewer films. Sarandos did say that Netflix will Warner Bros.’s current theatrical commitments and noted that the streamer releases dozens of its films in theaters (though that is mostly to qualify for awards). But he did hint that the amount of time that films are exclusively in cinemas will “evolve,” positioning that as better for audiences.
