Netflix Co-CEO Makes Rare Appearance at CinemaCon

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In a surprising move, Netflix co-CEO Ted Sarandos attended CinemaCon, the annual Las Vegas convention for theater owners, for the first time. Sarandos held separate meetings with top domestic and international theater owners, signaling a potential thawing of the streaming giant's historically frosty relationship with the cinema industry.

Why it matters

Netflix's hostility toward traditional theatrical releases has long been a point of contention with movie theater owners. Sarandos's appearance at CinemaCon and his meetings with theater owners suggest Netflix may be reconsidering its stance, potentially opening the door for more collaboration between the streaming service and cinemas.

The details

During the meetings, Sarandos discussed past collaborations that had brought in extra revenue for theaters, such as the release of 'KPop Demon Hunters' as a singalong experience and the special New Year's Eve screening of the 'Stranger Things' finale, which generated $25 million in concession sales. The meetings were more about building goodwill than making deals, as they took place while Netflix was still pursuing its $83 billion bid to acquire a large portion of Warner Bros. Discovery's business, including HBO and the Warner Bros. movie studio.

• The meetings took place on Sunday at CinemaCon, the annual Las Vegas convention for theater owners.
• Netflix was still pursuing its $83 billion bid to acquire a large portion of Warner Bros. Discovery's business at the time of the meetings.

What’s next

It remains to be seen how these meetings will impact Netflix's future relationship with movie theaters and whether the streaming service will commit to more traditional theatrical releases.