The news that Netflix would be acquiring Warner Bros. for $82.7 billion dollars has been met with widespread concern among the entertainment industry as well as in Washington. Politicians on both sides of the aisle, from Elizabeth Warren to Mike Lee, have expressed concern over the possible consolidation of two of the biggest movie and television conglomerates in the world.
Most of the anxiety is rightly focused on fears that the merger would result in outright monopolization leading to thousands of lost jobs, a reduction in the number of movies and TV shows that get made, and a possible death blow to the already teetering movie theater business. And while all of those are likely outcomes of a merger, the damage from this deal could actually be even worse.
Some of the lesser-discussed aspects of Warner’s business are in jeopardy as a result of this deal, which could have a devastating effect on the world of cinema as a whole. In short, by buying Warner Bros. — which includes Home Box Office (HBO) as well — Netflix will also be purchasing a number of legacy projects that it has already spent years trying to destroy. If the merger is completed, Netflix will likely succeed in strangling key efforts at film conservation, jeopardizing the history and future of the art form.
In the terms of the deal, Netflix would be acquiring a newly formed Warner Bros. that primarily consists of Warner’s movie and TV studio, HBO, and the HBO Max streaming platform. The other major chunk of the company, cable networks like Discovery Channel and CNN, would be spun off to an independent company.
With one major exception: the cable channel Turner Classic Movies (TCM) is, in fact, included in the Warner Bros. side of the split. TCM is a treasure for film lovers, introducing young viewers to a thoughtfully programmed collection of classic films and forgotten greats.
This year alone, TCM programmed thoughtful tributes to stars who passed away, like Gene Hackman, Robert Redford, and…
Auteur: Jonah Gardner
