NEW YORK — Netflix's $72 billion deal to acquire Warner Bros. studio and its film and television operations drew quick reactions Friday.
Film and television industry entities including guilds and the lobbying group for movie theater owners criticized the deal, warning it would harm consumers and cinema owners.
In announcing the deal, Warner Bros. and Netflix executives touted the deal's benefits. Warner Bros. Discovery CEO David Zaslav said the deal ''will ensure people everywhere will continue to enjoy the world's most resonant stories for generations to come,'' while Netflix co-CEO Ted Sarandos said it would ''give audiences more of what they love.''
Here's a roundup of notable early reactions to the deal:
Michael O'Leary, CEO of Cinema United
''Netflix's stated business model does not support theatrical exhibition. In fact, it is the opposite. Theaters will close, communities will suffer, jobs will be lost.''
Producers Guild of America
''As we navigate dynamic times of economic and technological change, our industry, together with policymakers, must find a way forward that protects producers' livelihoods and real theatrical distribution, and that fosters creativity, promotes opportunities for workers and artists, empowers consumers with choices, and upholds freedom of speech. This is the test that the Netflix deal must pass. Our legacy studios are more than content libraries – within their vaults are the character and culture of our nation.'' — in a statement.