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Hollywood Producers Warn Congress: Netflix Deal Could Kill Theaters
5 Dec
Summary
- Producers alerted Congress to potential economic crisis in Hollywood.
- Netflix's acquisition of Warner Bros. Discovery sparks theatrical concerns.
- Producers seek high-level antitrust scrutiny for the potential deal.
A collective of prominent industry figures, identifying as anonymous "concerned feature film producers," has issued a stark warning to Congress regarding Netflix's pursuit of Warner Bros. Discovery. The producers fear the acquisition could lead to a significant economic downturn in Hollywood, primarily by undermining the theatrical film market. They are particularly concerned about the potential for Netflix to drastically shorten theatrical windows, allowing films to move to streaming platforms much faster.
The producers highlighted that Netflix's business model, as articulated by co-CEO Ted Sarandos, does not prioritize movie theaters. Their letter to lawmakers points out the significant market power Netflix wields and suggests this power could be used to diminish the presence of theatrical movies and devalue subsequent licensing fees. This move, they argue, could effectively strangle the existing movie exhibition landscape.
In their appeal, the anonymous group implores members of the House and Senate to publicly oppose the deal and subject it to the highest level of antitrust review. They underscore the immense stakes involved, citing the potential impact on millions of jobs and the broader cultural significance of the cinematic art form, urging swift action to safeguard its future.
