Warner Bros. Discovery had a difficult summer, to say the least. After underwhelming results from major theatrical releases such as FURIOSA: A MAD MAX SAGA and unsuccessful negotiations with the NBA to extend its broadcast rights for professional basketball, Warner Bros. Discovery found itself at one of the lowest points in its 100+ year history. However, two positive developments in the last month have signaled a potential rebound for the media giant.
Last week, WBD announced an extension of its deal with Charter Communications allowing it to continue distributing its channels on the Spectrum TV cable network. The new deal included several major wins for Warner Bros., including the fact that the cable provider will pay a similar rate going forward to broadcast the TNT network. Also, all Spectrum TV subscribers will have access to an ad-supported tier of Max, the company’s premiere offering. This news was received positively by both industry analysts and investors and went way towards lowering the pressure that been building up around CEO David Zaslav.
Soon after the Charter deal was announced, the company’s film studio saw success with the opening of BEETLEJUICE BEETLEJUICE, which posted the second-highest two-week total any movie that has ever opened in September. Since it opened, the comedy horror sequel has earned almost $300 million worldwide, making it a profitable project.
Warner Bros. had been mired in an epic slump, with its market share of the summer box office coming in the lowest level since 1984. Moreover, it’s ironic to hear word that there was a consideration by studio execs to release BEETLEJUICE BEETLEJUICE exclusively on Max, instead of following a traditional theatrical release. Thankfully, director Tim Burton insisted on a theatrical release, which has wound up paying off for the studio.
See also: Netflix’s Ted Sarandos: Theatrical Releases Are “Inefficient” Way to Distribute Some Movies (Hollywood Reporter)