Paramount Promises 30+ Movies Annually In Theaters If It Beats Netflix For Warner Bros. Discovery

Paramount has thrown down the gauntlet in Hollywood’s most consequential bidding war in decades, pledging to release more than 30 films theatrically each year if it succeeds in acquiring Warner Bros. Discovery—a direct challenge to Netflix’s streaming-first philosophy that has theater owners and filmmakers deeply concerned about the future of cinema.

The dramatic commitment came as Paramount Skydance launched a hostile takeover bid on Monday, taking its $30-per-share all-cash offer directly to Warner Bros. Discovery shareholders after Netflix secured a binding agreement to purchase the studio and HBO for $82.7 billion. Paramount’s counter-offer carries an enterprise value of approximately $108.4 billion and seeks to acquire the entire company, including cable networks like CNN, TNT, and TBS—not just the studio assets Netflix is pursuing.

A Clear Swipe at Netflix’s Theatrical Skepticism

During a conference call with analysts and investors Monday morning, Paramount CEO David Ellison made his studio’s theatrical intentions unmistakably clear. “What we are doing will create another scaled, healthy buyer for the creative community and talent, will put 30 movies a year in theaters exclusively,” Ellison declared, positioning Paramount as the champion of traditional theatrical distribution.

The pledge represents a significant escalation from Paramount’s current output. Since Skydance took over Paramount last summer, the company has worked aggressively to reinvigorate its theatrical pipeline. What had been roughly eight annual releases is projected to climb to 15 films by 2026, 17 by 2027, and 18 by 2028. Adding Warner Bros.’ traditional 12-14 annual theatrical releases would push the combined studio past the 30-film threshold Ellison promised.

Company executives reaffirmed their commitment to “robust, traditional theatrical windows” throughout Monday’s presentation—language deliberately chosen to contrast with Netflix’s more ambiguous stance on theatrical distribution. The message was unmistakable: Paramount intends to embrace the big-screen model precisely when Netflix, the streaming giant, has been far more skeptical of long exclusive theatrical runs.

Netflix’s Evolving Position on Theaters

Netflix Co-CEO Ted Sarandos has found himself on the defensive regarding his company’s theatrical commitments since the Warner Bros. Discovery deal was announced Friday. While Sarandos insisted Netflix has no “opposition to movies in theaters,” his track record and past statements have fueled Hollywood’s anxiety about what a Netflix-owned major studio would mean for cinemas.

“It’s not like we have this opposition to movies into theaters,” Sarandos said on Friday’s conference call with investors. “My pushback has been mostly in the fact of the long exclusive windows, which we don’t really think are that consumer friendly.”

Sarandos noted that Netflix released approximately 30 films in theaters in 2025, though critics quickly pointed out these were predominantly brief, awards-qualifying runs rather than genuine wide releases with traditional windows. He confirmed Netflix would honor Warner Bros.’ current theatrical commitments but suggested that “over time, the windows will evolve to be much more consumer friendly, to be able to meet the audience where they are quicker.”

The Netflix chief’s language has notably shifted between Friday and Monday, with stronger commitment language emerging as Paramount’s competitive pressure and regulatory scrutiny intensified. On Monday, at the UBS Global Media and Communications Conference, Sarandos stated Netflix would release Warner Bros. films “exactly the way they would release those movies today,” though he still maintained the long-term evolution of windows.

This positioning hasn’t convinced industry skeptics. Sarandos famously called the moviegoing experience “outdated” earlier this year, telling Time magazine: “If you’re fortunate enough to live in Manhattan, and you can walk to a multiplex and see a movie, that’s fantastic.” Such comments have reinforced perceptions that Netflix views theatrical distribution as an obstacle to streaming rather than a complementary revenue stream.

Industry Fears and Theater Owner Concerns

The prospect of Netflix acquiring one of Hollywood’s major studios has sent shockwaves through the exhibition industry. Cinema United, one of the largest theater-owner trade associations, issued a stark warning about the potential consequences.

“The proposed acquisition of Warner Bros. by Netflix poses an unprecedented threat to the global exhibition business,” said Cinema United President and CEO Michael O’Leary. “The negative impact of this acquisition will impact theatres from the biggest circuits to one-screen independents in small towns in the United States and around the world.”

O’Leary continued: “Cinema United stands ready to support industry changes that lead to increased movie production and give consumers more opportunities to enjoy a day at the local theatre. But Netflix’s stated business model does not support theatrical exhibition. In fact, it is the opposite. Regulators must look closely at the specifics of this proposed transaction and understand the negative impact it will have on consumers, exhibition and the entertainment industry.”

Theater operators have concrete reasons for concern beyond rhetoric. Netflix’s recent handling of Rian Johnson’s Wake Up Dead Man: A Knives Out Mystery exemplifies their fears. The streaming giant failed to book the top three theater chains due to its refusal to provide a 30-day exclusive window. The film grossed just over $4 million during its five-day Thanksgiving limited release—substantially less than the franchise’s previous chapter, which had major chain support and traditional theatrical distribution.

Creative Community Weighs In

Hollywood’s creative talent has reportedly sided strongly with Paramount’s theatrical commitment. According to Paramount executives, prominent filmmakers including James Cameron and actress Jane Fonda have characterized a Netflix-Warner Bros. marriage as “a disaster for theatrical films.”

These concerns aren’t merely sentimental. Theatrical releases provide filmmakers with creative validation, cultural impact, and backend participation that streaming-first distribution rarely offers. The potential loss of Warner Bros. as a major theatrical distributor would fundamentally reshape the landscape for directors, actors, and producers who have built careers around big-screen storytelling.

Congressional leaders have also weighed in, warning that consolidation under Netflix’s streaming-first model could “diminish incentives to produce new content and major theatrical releases.”

The Financial Battle

Paramount’s hostile takeover bid presents a compelling financial case to Warner Bros. Discovery shareholders. The company’s $30-per-share all-cash offer stands in stark contrast to Netflix’s mixed consideration of $27.75 per share—$23.25 in cash and $4.50 in stock.

Paramount argues its offer provides shareholders with $17.6 billion more in cash than Netflix’s proposal. The company’s bid is backed by $40.7 billion in equity capital from Oracle co-founder Larry Ellison (David Ellison’s father), RedBird Capital Partners, and financing from sovereign wealth funds of Saudi Arabia, Qatar, and Abu Dhabi, plus $54 billion in debt commitments from Bank of America, Citigroup, and Apollo Global Management.

“Our proposal is superior to Netflix in every dimension,” David Ellison declared on Monday’s call, emphasizing that Paramount’s all-cash structure and commitment to acquiring Warner Bros. Discovery in its entirety—rather than spinning off cable assets—provides greater certainty and value.

Warner Bros. Discovery must respond to Paramount’s tender offer within 10 business days, advising shareholders whether to accept or reject the $30-per-share proposition. The board has urged shareholders not to take any action yet while it carefully reviews both offers.

What’s at Stake for Hollywood

Warner Bros. Discovery currently leads all Hollywood studios with $1.85 billion in domestic ticket sales this year and over $4 billion worldwide in 2025. Recent hits including Weapons, Sinners, and Superman have placed the studio atop market-share rankings, demonstrating the commercial viability of robust theatrical distribution.

The outcome of this bidding war will fundamentally shape Hollywood’s future. A Paramount victory would create a vertically integrated powerhouse committed to traditional theatrical windows, potentially stabilizing the cinema ecosystem. A Netflix triumph would accelerate the industry’s streaming-first transformation, with uncertain consequences for theaters, filmmakers, and the cultural experience of moviegoing.

David Ellison positioned his bid as serving “the best interests of the creative community, consumers and the movie theater industry,” framing Paramount as Hollywood’s defender against streaming’s encroachment on theatrical traditions.

As the deadline approaches, both suitors continue positioning for advantage. Netflix touts job protection and complementary content, while Paramount promises to “create a stronger Hollywood” through its theatrical commitment. Shareholders, regulators, and the entire entertainment industry await the board’s recommendation—and the ultimate decision that could determine whether cinema remains central to Hollywood’s identity or becomes increasingly subordinate to streaming’s convenience-first philosophy.

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