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| Following the takeover of WBD, Netflix could shorten the theatrical window to just 17 days. |
For fans holding out hope for the next chapter in the Wizarding World, a return to Middle-earth, or the future of Superman and Batman on the big screen, the ground beneath Hollywood is shifting. The potential change in ownership of Warner Bros. Discovery (WBD) has sent ripples of unease through fan communities and the film industry alike, with a high-stakes bidding war that could redefine how we watch blockbuster movies.
A Deal in Doubt: Netflix’s Agreement Meets a Higher Bid
In a move that shook the entertainment landscape, streaming titan Netflix and WBD announced an agreement on December 5, 2025, for a takeover valued at approximately $82.7 billion. The deal would grant Netflix control of Warner’s storied film and TV studios, including the prestigious HBO and the HBO Max platform. However, the agreement is not yet final, pending rigorous antitrust reviews.
Complicating matters, Paramount Skydance has since submitted a competing, higher bid for WBD, which the company’s board is now actively reviewing. This development has left the ultimate fate of Warner Bros.—and its iconic slate of franchises—wide open and uncertain.
The 17-Day Dilemma: A Threat to Movie Theaters?
Should Netflix ultimately prevail, industry insiders warn of seismic changes for cinema operators. Reports suggest Netflix is considering a drastic reduction of the traditional theatrical window. Under the new model, major Warner films would play exclusively in theaters for just 17 days before migrating to Netflix’s streaming service—a stark drop from the now-standard 45-day window.
Theater chains are sounding the alarm. Much of a film’s revenue is generated after the opening weekend, and slicing the theatrical run so short could severely undermine their business model. “It cuts off the lifeblood of a film’s theatrical earnings,” one anonymous exhibition executive noted. “We rely on those weeks of word-of-mouth and sustained interest.”
For audiences, the concern is twofold: not only could it diminish the traditional movie-going experience for tentpole films, but many fear beloved Warner franchises could be leveraged primarily as tools to drive streaming subscriptions, with cinematic presentation becoming a secondary consideration.
Netflix’s Theatrical Ambitions: A Different Kind of Release
It’s crucial to note that the 17-day window has not been officially confirmed by Netflix. Publicly, the company continues to refer only to “industry-standard windows,” leaving its precise plans for Warner’s theatrical slate ambiguous.
However, Netflix has undeniably shown a growing, if unconventional, interest in cinemas. A telling example came at the end of 2025 with the theatrical event for the Stranger Things finale. In partnership with AMC, the episodes hit big screens across the U.S., proving the platform sees value in the communal viewing experience—under its own terms.
Instead of traditional ticket sales, Netflix employed a unique model: entry required purchasing a concession voucher, with all proceeds going directly to the theaters. This strategy, as detailed in a report on the event’s success, served a specific purpose beyond box office glory. The primary aim was to establish a financial basis for “actor residuals”—contractually mandated payments to talent when content is monetized in new venues like theaters.
You can read more about the unique financials and success of that Stranger Things theatrical event here: ‘Stranger Things’ Finale Box Office: Netflix & AMC Experiment Proves Profitable.
This experiment highlights a potential middle path. Netflix may not prioritize billion-dollar box office hauls, but it recognizes cinema’s power for event marketing and fulfilling talent obligations. If it acquires Warner, this hybrid approach could become the norm for its biggest properties: a brief, vibrant theatrical burst to generate buzz and residuals, followed quickly by a streaming homecoming to satisfy the subscriber base.
The Waiting Game Continues
As the bids are weighed and regulators scrutinize, fans and filmmakers are left in limbo. The outcome will signal more than just a corporate transfer; it will reveal priorities for the next decade of blockbuster storytelling. Will the cinematic experience remain a central pillar for franchises like Harry Potter and DC, or will it become a brief preview for their streaming dominance? The curtain has yet to rise on the final act of this takeover drama.