'Unprecedented Threat': Theaters Fear Netflix's Warner Bros. AcquisitionNetflix's deal to buy Warner Bros. Discovery poses an “unprecedented threat” to movie theaters worldwide, the body representing cinema owners has warned. The streaming giant announced Friday it had struck a deal with the legacy Hollywood asset to buy its studio and streaming business for $72 billion. The acquisition would represent a seismic shift in the entertainment industry landscape, bringing together two of the biggest players in film and TV under one roof.Under the deal, Netflix would gain Warner’s legacy studios, marking a notable move for the company synonymous with at-home streaming. In the announcement, Ted Sarandos, Netflix’s co-CEO, noted his excitement over the potential ownership of theatrically-released films like “Casablanca,” “Citizen Kane" and the “Harry Potter” movies. Netflix says it will continue theatrical releases for Warner’s studio films as part of the takeover.But Cinema United, a global exhibition trade association, said it opposed the tie-up.“The proposed acquisition of Warner Bros. by Netflix poses an unprecedented threat to the global exhibition business,” said Michael O’Leary, CEO and president of the body.“The negative impact of this acquisition will impact theater from the biggest circuits to one-screen independents in small towns in the United States and around the world," he added.The association also claimed Netflix’s “stated business model does not support theatrical exhibition. In fact, it is the opposite.”See All UpdatesClose