Hollywood writers say Warner takeover ‘must be blocked' [Fortune]
Comcast Corporation - Class A (CMCSA)
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Source: Fortune
The worries raised by the movie and TV industry's biggest trade groups come against the backdrop of falling movie and TV production, slack ticket sales and steep job cuts in Hollywood. Another legacy studio, Paramount, was sold earlier this year. Warner Bros. accounts for about a fourth of North American ticket sales — roughly $2 billion — and is being acquired by a company that has long shunned theatrical releases for its feature films. As part of the deal, Netflix co-CEO Ted Sarandos has promised Warner Bros. will continue to release moves in theaters. “The proposed acquisition of Warner Bros. by Netflix poses an unprecedented threat to the global exhibition business,” Michael O'Leary, chief executive officer of the theatrical trade group Cinema United, said in en emailed statement Friday. “The negative impact of this acquisition will impact theaters from the biggest circuits to one-screen independents.” The buyout of Warner Bros. by Netflix “would be a disaster,” James Camer
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