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NetflixThere were swift reactions Friday to the $72 billion deal to acquire Warner Bros. studios and its film and television operations.
Film and television industry bodies, including the Guild and a lobbying group for movie theater owners, criticized the deal, warning that it would harm consumers and cinema owners.
Announcing the deal, Warner Bros. and Netflix executives touted the benefits of the deal. David Zaslav, CEO of Warner Bros. Discovery while also co-CEO of Netflix, said the deal will “ensure that people everywhere will continue to enjoy the world’s most popular stories for generations to come.” Ted Sarandos It was said that it would “give audiences more of their favorite things.”
Here is a summary of notable early reactions to the deal:
Michael O’Leary, CEO of Cinema United
“Netflix’s stated business model does not support theatrical performance. In fact, it is the opposite. Theaters will close, communities will suffer, jobs will be lost.”
Producers Guild of America
“As we live through dynamic times of economic and technological change, our industry, together with policymakers, must find a way forward that protects the livelihoods of creators and true theatrical distribution, and that fosters creativity, fosters opportunities for workers and artists, empowers consumers with choices, and preserves freedom of speech. This is the test the Netflix deal must pass. Our legacy studios are more than content libraries – their Within the safe lies the character and culture of our country.” – In a statement.
US Sen. elizabeth warrenD-mas.
“This deal looks like an antitrust nightmare. Netflix-Warner Bros. would create a giant media giant with control over nearly half of the streaming market – which would force Americans to put up with higher subscription prices and less choice on what and how they watch, while putting American workers at risk.” – In a statement.
Writers Guild of America
The world’s largest streaming company is swallowing up one of its biggest competitors, which antitrust laws were designed to prevent. The result will be job losses, reduced wages, worsening conditions for all entertainment workers, increased prices for consumers, and reduced quantity and variety of content for all audiences. …This merger must be stopped.” – in a statement.
U.S. Rep. Laura Friedman, D-Calif.
“Repeated consolidation in this industry has already resulted in the loss of many film and television jobs, and any merger must be evaluated based on its effects on competition and employment.” – In a statement. His district includes Hollywood And the areas where Netflix’s headquarters and Warner Bros. studios are located.
Jason Kilar, former CEO of WarnerMedia and co-founder of Hulu
“If I were tasked with doing this, I couldn’t think of a more effective way to reduce competition in Hollywood than selling WBD to Netflix.” – In a post on X.