Multiplex Association of India raises concerns over Netflix–Warner Bros deal

The Multiplex Association of India (MAI) has voiced serious concerns over Netflix’s proposed acquisition of Warner Bros. Discovery, saying the move could impact the availability of theatrical content in the country.

Earlier in the day, Netflix and Warner Bros. Discovery (WBD) announced a definitive agreement under which Netflix will acquire Warner Bros., including its film and TV studios, HBO and HBO Max. The cash-and-stock deal values WBD at $27.75 per share, with a total enterprise value of about $82.7 billion.

MAI said cinemas rely on a steady and diverse slate of films to attract audiences and sustain the wider theatrical economy. The association noted that Warner Bros. has been a significant supplier of titles to Indian theatres, and that the acquisition by a streaming platform could alter longstanding release patterns.

Kamal Gianchandani, President of MAI, said: "The Indian theatrical market thrives on choice, scale, and cultural diversity. Warner Bros. has historically been a key partner to Indian cinemas, contributing consistently to our release calendar with successful global and local titles."

He added that cinemas function as “cultural hubs and significant economic contributors,” supporting livelihoods across production, distribution, exhibition, food and beverage, and other ancillary sectors.

In a joint announcement, Netflix and WBD said the combination will bring together Netflix’s global reach and streaming capabilities with Warner Bros.’ catalogue and franchises such as Game of Thrones, Friends, Harry Potter, the DC Universe and classic titles like Casablanca and The Wizard of Oz.

Netflix said it intends to maintain Warner Bros.’ current operations, including theatrical releases, and highlighted expected benefits for consumers, creative talent and the entertainment industry.

Gianchandani said Netflix’s approach to theatres has so far been limited. "Netflix has consistently made it clear through its limited and highly restrictive approach to theatrical releases that it does not believe in the cinema-first model," he said.

According to MAI, the potential risks include “a meaningful reduction in high-quality content for cinemas, and the potential for shortened or non-existent theatrical windows.” The association said this could affect revenues, restrict consumer choice, and strain the broader film value chain.

MAI said the scale of the proposed deal requires close regulatory scrutiny and that it will continue raising its concerns with authorities in India and internationally.