While it seems clear that Paramount isn’t done fighting to make a deal to buy Warner Bros., it’s all but certain at this point that Netflix will take control of the century-old movie studio when it’s all said and done. There are a lot of reasons to be wary of the future for WB, and Ryan Coogler is one of the people who admitted the situation is far from perfect.
Coogler directed last year’s Sinners for Warner Bros., a movie that achieved the rare level of success that sees both box office bank and Oscar nominations. It was also a unique film in the way that Coogler secured the rights to the project with the studio. Perhaps Coogler was thinking about that when he told THR that the Netflix purchase of Warner Bros was, being polite with his language, to be sure, “not ideal.” Coogler said…
I don’t want to speak out of school when it comes to that. What I’m going to always be advocating for is jobs. Strength of opportunity for our union membership and our sister unions. We don’t want to see consolidation lead to less buyers, less jobs, less opportunity — and that tends to be the pattern when these things happen. It is never good for the working filmmaker….We are eyes and ears open and hoping for the best in a situation that’s not ideal, it looks like.
While Coogler was asked specifically about Netflix buying Warner Bros., his statement would likely ring just as true if Paramount actually succeeds in its hostile takeover bid. Either way, the number of big studios making movies will be reduced by one, meaning fewer projects, fewer jobs and fewer opportunities for everybody involved in the entertainment industry.
Ryan Coogler’s comments echo many others within Hollywood who have spoken about Warner Bros. future. There really is no “good option” in the eyes of many, as either option removes Warner Bros. as an independent studio in much the same way Disney’s acquisition of Fox did in 2019.
One major difference between the two may include how Warner Bros. movies are handled theatrically. While Netflix has continued to reassure investors, as well as movie fans, that it has no plans to reduce the number of WB movies going to theaters, Netflix business model has always been streaming first. So not everybody is certain that Netflix’s announced plans won’t eventually change.
If there’s an upside to any of this, it may be that between Paramount’s continued efforts to acquire Warner Bros., and the simple fact that a purchase of this size will take a long time, any changes won’t be happening too quickly. In the interim, anything could happen, and if current trends have shown us anything, it’s that the entertainment industry landscape is changing quickly.
