4th Dec 2020 15:39
(Alliance News) - Cineworld Group PLC on Friday hit back at AT&T Inc subsidiary Warner Bros' decision to release its 2021 movie slate on a streaming website alongside theatrical releases.
Warner Bros will release its entire 2021 slate of movies on HBO Max streaming and in theatres simultaneously.
The announcement follows Warner's earlier decision to release "Wonder Woman 1984" on Christmas Day via its streaming platform at the same time as the big screen - a radical gamble for one of Hollywood's biggest studios, which the industry had widely assumed would be a one-off.
Cineworld responded Friday, saying: "Cineworld was aware of WB's plan to release Wonder Woman directly to its streaming service, which has been announced at a time when our cinemas remain closed in the US and UK.
"We are very encouraged by the giant steps achieved recently with regards to the Covid-19 vaccination process, which is expected to be put in place earlier than previously anticipated."
The cinema operator said the potential vaccine will generate "significant relief" for the industry and enable "cinemas to make a great comeback".
The decision is expected to affect at least 17 titles including the much-anticipated "Sopranos" prequel "The Many Saints of Newark," and DC superhero sequel "The Suicide Squad."
Before the pandemic, blockbuster movies ran only on the big screen for a theatrical window of around 90 days. The "hybrid model" will see films available on HBO Max streaming in the US for one month from the date of their theatrical release.
Cineworld said: "We believe that at such a time WB will look to reach an agreement about the proper window and terms that will work for both sides. Big movies are made for the big screen and we cannot wait to reopen our cinemas in the first quarter in order to offer our customers, as always, the best place to watch a movie."
Shares in Cineworld were 13% lower in London on Friday afternoon at 63.34 pence each. AT&T was 1.6% higher in New York at USD29.70.
By Paul McGowan; [email protected]
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