Major Exhibitors Back $111 Billion Paramount–Warner Bros. Discovery Merger

The proposed combination of Paramount Skydance and Warner Bros. Discovery, valued at roughly $111 billion, would unite two of the three largest Hollywood studios. Exhibitors have long feared that consolidation could reduce the number of releases and threaten theater viability, especially after the pandemic-era disruptions and the 2023 writers’ and actors’ strikes. Proponents argue that the merger could increase output: Paramount Skydance CEO David Ellison has pledged at least 30 new releases per year and a minimum 45-day theatrical window for each title.

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Cinemark issued a lengthy statement emphasizing the need for a “healthy theatrical ecosystem” and praising recent dialogue between Paramount Skydance and the industry trade group Cinema United.

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AMC Theatres CEO Adam Aron, who has supported the merger since CinemaCon in April, argues that the combined studio would strengthen the theatrical business. Regal Cinemas chief Eduardo Acuna warned that delaying the deal could create “more uncertainty and distraction” that would be damaging as the summer box office approaches record levels.

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Rentrak data cited by Regal indicates this summer’s box office is the biggest since pre-COVID “before times,” with revenues surpassing $4 billion and a possible peak of $4.755 billion, approaching the all-time summer record. Domestic yearly revenues could reach $10 billion for the first time since 2019. The merger faces a 12-state antitrust lawsuit; a trial is scheduled for 2027. Ellison has warned that if negotiations stall, Paramount may withdraw from California as early as October.

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• “The enduring success of our industry requires a healthy theatrical ecosystem supported by financially sound studios and exhibitors that can effectively create, distribute and exhibit high-quality films to consumers around the world,” — Cinemark

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• “We respect and appreciate Cinema United’s advocacy on behalf of all theatrical exhibition and view these conversations as meaningful progress toward achieving outcomes that support our industry’s long-term health and success,” — Cinemark

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