What do the CEOs of AMC Theatres and Regal Cinemas have in common? Both have been enticed to back David Ellison’s $111 billion quest to merge Paramount and Warner Bros. Discovery.
Regal chief Eduardo Acuna was the latest to go public with his blessing on Wednesday. His full statement is below:
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. 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. I’ve spoken directly with Skydance Paramount CEO David Ellison and his team about what a combined company would mean for exhibition, and he has made some specific commitments: 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. I believe David is sincere in making these commitments, and he has offered to execute a consent decree to the State AGs to that effect. These are tangible and important commitments that will benefit the industry and which can be measured.
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. It just creates more uncertainty and distraction that could be damaging to our industry as we build on our current success. It is time for all parties to sit down and work out how to formalize these commitments. With these measures in place, we believe that Paramount can be an effective steward of these studios that mean an enormous amount to people who love movies.
More to come.
