Posted in: Movies, Netflix, Paramount+, TV | Tagged: netflix, paramount, warner bros discovery
Netflix co-CEOs Ted Sarandos and Greg Peters addressed the Warner Bros deal, being “fully committed” to theatrical releases, and more.
We’re hoping folks are relaxing a little and learning to pace themselves, because it’s going to be a while before the smoke clears and we learn whether it was Netflix or Paramount Skydance that walked away the winners in the Warner Bros. Discovery (WBD) bidding war. Or could it end up being someone else? Or will WBD decide not to sell? While there are a ton of twists and turns all of this can take, Netflix co-CEOs Ted Sarandos and Greg Peters are sounding confident that the streaming service will prevail. In a memo to the streaming service’s staff that was included in an SEX filing earlier today (and reported by Variety), Sarandos and Peters addressed the deal, making it clear that, “We believe in this deal—in the value it creates— and we’re confident we’ll get the approvals we need to make it happen.”
Regarding Paramount Skydance’s David Ellison launching a hostile bid for WBD, the CEOs wrote that Ellison’s move “was entirely expected” but that the strength of the streamer’s offer would win out. “It was entirely expected. But we have a solid deal in place. It’s great for our shareholders, great for consumers, and a strong way to create and protect jobs in the industry. We’re confident we’ll get it over the finish line — and we’re genuinely excited about what’s ahead.” Here’s a look at what Sarandos and Peters had to say regarding Netflix being “fully committed” to releasing WBD films in theaters the claims that a Netflix/WBD deal would be “the end of Hollywood”:
Netflix “Fully Committed” to Maintaining WBD Theatrical Releases: “Yes—we’re fully committed to releasing Warner Bros. movies in theaters, just as they do today. Theatrical is an important part of their business and legacy, and we don’t want to change what makes Warner Bros. so valuable. If this deal had happened two years ago, hits like Minecraft and Superman would still have premiered on the big screen as they did—and that’s how we plan to keep it. We haven’t prioritized theatrical in the past because that wasn’t our business at Netflix. When this deal closes, we will be in that business.”
Netflix Doesn’t See WBD Deal as “The End of Hollywood”: “This is something that we’ve heard for a long time—including when we started the streaming business. Our stance then and now is the same—we see this as a win for the entertainment industry, not the end of it. This deal is about growth: Warner Bros. brings businesses and capabilities we don’t have, so there’s no overlap or studio closures. We’re strengthening one of Hollywood’s most iconic studios, supporting jobs, and ensuring a healthy future for film and TV production.”
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