Consider the highly anticipated Wuthering Heights project. Directed by Emerald Fennell and starring Margot Robbie and Jacob Elordi, this movie sparked a fierce bidding war. Netflix offered $150 million, much higher than Warner Bros.’ $80 million bid. For years, agents advised actors to go for the biggest paycheck. But this time, producer Robbie and the Wuthering Heights team chose Warner Bros. executives Michael De Luca and Pamela Abdy’s offer, which promised a big theater release and a full marketing push.
A top agent shared that Netflix was “shocked” by the result, as they were used to winning these bidding battles by outbidding everyone else. Surprisingly, Netflix may not have even come in second place this time. It’s believed Amazon took that spot, offering Fennell a big theater release plan. (Netflix and Amazon didn’t comment on the situation.)
Warner Bros. is excited to start production right away, with filming planned for early 2025. However, this schedule could be tricky for Jacob Elordi, as he’s also set to begin shooting Euphoria Season 3 for HBO in January. (Warner Bros. hasn’t commented on this.)
Advertisement Eric Handler, an analyst at Roth Capital Partners, explains that:
Netflix, with its huge subscriber base, can afford to make big bids for films, but more and more directors and stars are saying, ‘No, thanks.’
Some filmmakers with Netflix deals are rethinking the company’s minimal theater releases. In 2020, Greta Gerwig signed a big deal to adapt C.S. Lewis’ The Chronicles of Narnia for Netflix. But after the massive $1.45 billion success of her film Barbie, Gerwig now has more influence. She’s discussing the possibility of a 2026 Imax release for Narnia. Talks are still early, with plans to show it in most of the 1,800 Imax theaters worldwide, though exact details aren’t final.
See More: Greta Gerwig Reportedly Pursuing IMAX Release For Her Netflix Narnia Movie
Another issue is the gap between the Imax run and its Netflix release, which could create problems. As analyst Eric Handler says,
AMC, Regal, Cinemark, and other Imax partners won’t want to spend on promoting a movie that hits Netflix just a week later.
Last month, Imax hired Jonathan Fischer, formerly Netflix’s VP of content strategy, as its new chief content officer. Fischer is now helping to find a compromise for everyone involved in the Narnia project. But Netflix co-CEO Ted Sarandos recently stated that he doesn’t plan to change Netflix’s quick-release model, emphasizing that giving subscribers immediate access makes Netflix films more popular.
We believe letting [subscribers] watch movies right away adds value, We bring filmmakers the biggest audience and help them create their best work. Netflix can still shape culture, even if it starts on our platform.
Sarandos said
Meanwhile, Netflix’s leadership is also adjusting to Scott Stuber’s departure as film chief, with Dan Lin stepping in. Agents say this change didn’t impact Netflix losing Wuthering Heights to Warner Bros. and is also unlikely to affect the Narnia discussions.
The exact release plan for Narnia is still uncertain, but some say Netflix is heading into risky territory. Peter Newman, head of the MBA/MFA program at NYU’s Tisch School of the Arts, explains,
If Netflix makes an exception for one director, then what happens next? Other directors, even if they’re not as popular as Greta Gerwig, might expect the same treatment. It’ll be tough for Netflix to keep consistent.
Source: Variety