David Ellison, Chairman and CEO of Paramount Skydance, has written an open letter to the UK creative community setting out a series of commitments should Paramount succeed in acquiring Warner Bros. Discovery.
The publication of the letter comes as Ellison seeks to wrest the initiative back from Netflix in its pursuit of Warner Bros. Discovery (WBD). Netflix has struck a deal to acquire WBD’s studios and streaming businesses, while Paramount has lodged a hostile bid for WBD.
Ellison said that Paramount Studios and Warner Bros. Studios would each produce a minimum of 15 high-quality feature films per year, for a total of at least 30 films annually across the group. He stated that Paramount’s output has already increased from eight to 15 films since closing the Paramount-Skydance transaction last August.
Beyond this, Ellison pledged that each film would receive a full theatrical release, with a minimum 45-day window globally before becoming available on paid video-on-demand (VOD), with the intention of 60-90 days or more. “We will continue to adhere to the specific windowing commitments we have across the geographies we operate in,” said Ellison.
He also committed to preserving HBO, saying that “HBO will continue to operate independently under our ownership, enabling it to create more of the world-class content it is renowned for.”
Additionally, Ellison said that both studios will continue to support “a vibrant third-party ecosystem by licensing their films and shows across their own and third-party platforms, while remaining active buyers of content from third-party studios and independent producers.”
Ellison said: “I firmly believe that uniting Paramount and WBD presents a unique opportunity to build a true champion for the creative community, one that can and will bring more stories to life, support filmmakers and talent with real scale, and compete effectively on the global stage as an independent media leader.
“At the same time – and in stark contrast to Netflix’s path – this proposed combination is intended to strengthen competition by creating a more capable and effective rival to the dominant platforms.”
Netflix recently revised its bid for Warner Bros Discovery's studio and streaming business to an all-cash offer. Discover more here.
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