Regal Cinemas CEO Eduardo Acuna released a statement on Wednesday evening in support of the looming Paramount-Warner Bros. merger.
“This year has been an important one for our industry. Attendance is up, younger audiences are coming out in numbers we haven’t seen in years, and the upcoming release schedule looks just as strong,” Acuna wrote. “While there is real momentum, we need a thriving studio system to ensure that the industry has a platform from which to grow.”
“This is why, after much consideration, we believe it’s time for Paramount Skydance’s acquisition of Warner Bros. Discovery to move forward,” Acuna continued. The CEO explained that he spoke to Paramount-Skydance CEO David Ellison, who has made “some specific commitments” to ensure the theater business continues to thrive. Those commitments include, “At least 30 theatrical films a year, a protected theatrical window with 45 days for TVOD and 90 days for SVOD for a minimum of three years, and a $30 billion annual investment in media content.”
“A long fight in court that extends into spring or summer doesn’t put more films in theaters, and is not beneficial to studios, filmmakers, the guests who go to the movies, or theater businesses like Regal and the people who work for them,” Acuna added. “It just creates more uncertainty and distraction that could be damaging to our industry as we build on our current success.”
