Netflix co-CEO Ted Sarandos said theatrical runs will “evolve” to be more consumer friendly while criticizing lengthy theater exclusivity windows.

Netflix beat out smaller bids from Paramount and Comcast.

Netflix is set to purchase legendary Hollywood studio Warner Bros. in a deal worth billions. Here's what it means for your favorite shows and films.

Netflix co-CEO Ted Sarandos said theatrical runs will “evolve” to be more consumer friendly while criticizing lengthy theater exclusivity windows.

Critics say the deal would create less competition in Hollywood and limit choice for consumers.

Netflix, which has traditionally limited it theatrical releases, has said it will honor existing WBD cinematic contracts that run through 2029.