The UK cinema industry fears losing access to Warner Bros. Discovery (WBD) as a studio – and with it many of its films – if Netflix wins the battle for the company against rival bidder Paramount Skydance, according to a cinema executive.

“The industry is nervous about losing a studio,” said Tim Richards, CEO and founder of Vue, one of Europe’s largest cinema operators.

The concern is twofold: whether Netflix might restrict access to Warner Bros. films for streaming competitors, and whether it would reduce the number of movies shown in UK cinemas.

Last year, Warner Bros. accounted for 18.5% of theatrical releases in the UK and Ireland, including titles such as Superman, A Minecraft Movie, and The Conjuring: Last Rites, according to Comscore Movies, a provider of box office data.

“Looking at recent statements from Paramount and Netflix, Paramount have a longstanding track record and commitment to feature film production and theatrical releases, and Netflix does not,” Richards told this news service in an interview.

He highlighted that Paramount Skydance has reportedly pledged to release around 30 films annually in UK theatres if it completes the acquisition of Warner Bros.

Richards described Paramount Skydance CEO David Ellison as a “highly respected filmmaker” who has publicly committed to 15 theatrical releases in 2026 year – up from six or seven in recent years.

By contrast, he said, Netflix has historically released only a small number of films in UK cinemas, typically for a “very short [and] limited” run, and primarily to satisfy BAFTA and Oscar rules that require films to have a theatrical screening to qualify for major awards.

News reports have suggested that if Netflix acquires Warner Bros., it could shorten the exclusive cinema run for WBD films to just over two weeks.

Asked how the UK cinema scene may adapt to, or cope with, a potential lack of Warner Bros. releases if Netflix succeeds in acquiring the company, Richards said UK cinemas could adjust.

Even if Netflix continues its model of not releasing films theatrically, any reduction in Warner Bros. films could be partially or fully offset by other major studios, including Amazon, Apple, and Paramount, he argued.

“We’ve seen records broken across all genres and demographics time and time again, so demand for theatrical releases remains very strong,” he said. “While there would be a brief adjustment period, other studios and filmmakers could step in to fill the gap.”

On the flip side, Richards highlighted one potential upside with a Netflix takeover of Warner Bros., pointing to the studio’s extensive global distribution network.

“[If] Netflix could appreciate the strong economic benefits of a theatrical release and start releasing [its own] films through the Warner Bros global network, [it] could be a small win for both the industry and Netflix,” he explained.

Netflix and WBD announced on 5 December that they had signed a definitive agreement that will see Netflix acquire Warner Bros. in an USD 82.7bn enterprise value cash-and-share deal. The deal will include the latter’s film and television studios, HBO Max and HBO, but not its broadcasting assets, which will be spun off under the Discovery name and trade independently.

Three days later, Paramount Skydance launched a hostile all-cash offer for all of WBD at an enterprise value of roughly USD 108bn. This offer, as well as a subsequent update to add financing guarantees, have been rejected by WBD’s board. In its latest rejection statement earlier this month, the board said Paramount Skydance’s offer remained inferior to the Netflix transaction and urged shareholders to support the Netflix merger instead.

The proposed deal will be reviewed by UK and European competition regulators, amid concerns Netflix could foreclose competition and concentrate control over film distribution, including limiting access to cinemas, as reported. Netflix has also filed for a review in the US.

Vue is currently in discussions with both the European Commission (EC) and the UK’s Competition and Markets Authority (CMA) about the deal, including possible remedies.

“The EU and UK competition authorities will most likely insist that certain guardrails be placed on the transaction,” Richards said.

This could include a minimum theatrical release window. For example, requiring films to remain in cinemas for at least 45 days before moving to streaming, he said.

Any remedies imposed by UK or European regulators would apply only within those regions, while a global solution would require coordination with US authorities.

Paramount Skydance filed for approval in the US under the Hart-Scott-Rodino (HSR) act for its rival offer on 8 December. The deal received a second request from the Department of Justice on 23 December, extending the length of the review.

On the broader trend of streaming platforms like Netflix, Amazon Prime, and Disney+ reshaping the entertainment landscape, Richards said: “I’ve never viewed home entertainment as being in competition with cinemas; it has always been a complementary activity.”

“The positive narrative on the industry has returned on the back of all the billion-dollar movies and records broken in 2025,” he said.

“However, the Warner Bros. sale has cast a small cloud on the horizon – one that will disappear as soon as there is visibility on the outcome of the transaction,” he added.

When asked for comment, Netflix pointed to a press release from 17 December where its co-CEO Ted Sarandos said: “We’re also fully committed to releasing Warner Bros. films in theatres, with a traditional window, so audiences everywhere can enjoy them on the big screen.”

Paramount declined to comment. WBD did not respond to a request for comment.