Film Studios Won’t Be Buying Cinemas

It’s looking more and more like many cinemas won’t survive let alone ‘return to normal’ whenever the COVID-19 pandemic finally calms down – be it a few months or even years from now. That means large swaths of the entire exhibition sector could well be up for sale at relatively cheap prices in the near future.

One obvious solution in the eyes of many cinephiles, especially in the wake of the relatively recently changed legislation, is for the studios themselves to intervene. However the heads of the two biggest non-Disney studios have revealed they have no plans to do so.

Speaking at a virtual panel at the Milken Institute Global Conference, Universal’s Donna Langley and Warner Brothers’ Ann Sarnoff discussed the future of cinemas and when asked about the possibility of them purchasing cinemas, Langley said: “We have no plans to do that currently.” Sarnoff added: “We have no plans either.” So if they’re not getting involved, what do they think will happen? Sarnoff says:

“I’m kind of an armchair sociologist and I believe people want to have communal experiences and especially with certain genres. We’re big fans of the exhibitors. They’ve been good partners of ours for many decades. We’re rooting for them. I know it’s tough sledding right now. I’m hoping they come out on the other side, probably even stronger.”

Both Warners and Universal now have HBO Max and Peacock respectively as potential platforms to release their films in light of the recent theatrical shutdown. The studios have held off releasing many of their major films in the works for now until cinemagoing improves.

The lack of new product has proven an issue in places where exhibition has recovered to some extent, such as in certain international markets. Many are hoping there will be no more delays, but no-one can rule out further pushes. Director Patty Jenkins, who has seen her “Wonder Woman 1984” delayed numerous times so far, tells Variety she remains “very hopeful” of a Christmas release for the film, but “I do\’’t think anybody can be confident of anything right now. We just don’t know what the course of COVID is going to be like.”

Source: Deadline

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