Cinemark has endorsed Paramount Skydance’s proposed acquisition of Warner Bros. Discovery, making it the third major U.S. theater chain to publicly support the $111 billion deal after AMC Theatres and Regal Cinemas. The development adds significant weight to Paramount’s position as it continues to face an antitrust challenge from a coalition of 12 state attorneys general.
Cinemark said it supports media consolidation when it results in increased film quality and theatrical output, supported by meaningful marketing campaigns and theatrical windows. The company also pointed to the importance of financially sound studios and exhibitors in maintaining a healthy theatrical ecosystem.
A major factor behind the endorsement is Paramount Skydance CEO David Ellison’s commitment to increase the number of films released theatrically following a merger with Warner Bros. Discovery. Paramount has said the combined company would release at least 30 films in theaters each year, while also maintaining a minimum 45-day theatrical window before films move to PVOD. The company has indicated that successful titles could remain in theaters for 60 to 90 days or longer.
Cinemark said Paramount is now prepared to put these commitments into written agreements and consent decrees. For exhibitors, the distinction is important because formal commitments would provide greater certainty that the promised theatrical output and windows would continue after the merger.
The Cinemark endorsement follows support from AMC and Regal, the two largest U.S. theater chains. AMC CEO Adam Aron has backed the merger since CinemaCon in April, arguing that a combined Paramount-Warner Bros. Discovery could strengthen the theatrical business. Regal CEO Eduardo Acuna has also supported the transaction, warning that prolonged uncertainty surrounding the merger could become damaging to the exhibition industry.
The position of the major theater chains, however, does not fully represent the broader exhibition industry’s stance. Cinema United, the principal trade organization representing theatrical exhibitors, has remained concerned about the impact of further studio consolidation. The organization has previously warned that the combination could reduce film output and potentially contribute to theater closures.
Cinema United has now taken a more conciliatory position, calling on Paramount CEO David Ellison and California Attorney General Rob Bonta to meet and discuss possible ways to resolve the state’s pending challenge to the acquisition. The move does not amount to an endorsement of the merger, but it indicates that the organization is willing to discuss conditions that could protect exhibitors if the transaction proceeds.
Cinema United has identified four areas that it considers essential to any resolution. The first is a long-term commitment to maintain or expand wide theatrical releases, supported by meaningful periods of theatrical exclusivity and adequate marketing across theaters of different sizes. The second is protection against increases in film rental terms that could place additional pressure on theater owners, particularly independent exhibitors.
The organization is also seeking safeguards that ensure broad access to films for theaters of different sizes without conditions that restrict exhibitors from making programming decisions based on their local markets. Finally, it wants continued access to the extensive film libraries of both Paramount and Warner Bros. under reasonable conditions.
The concerns come against a stronger backdrop for the theatrical business. The U.S. summer box office has already surpassed $4 billion, making it the strongest summer since the pre-pandemic period. Domestic annual box office revenue could also reach $10 billion this year, which would mark the first time since 2019 that the market has reached that level.
That recovery has made the supply of theatrical films an increasingly important issue for exhibitors. The 2023 Hollywood strikes and the production disruptions that followed created gaps in the release calendar, while the reduction in output following previous studio consolidation has added to concerns about the availability of major theatrical titles.
The Paramount-Warner Bros. Discovery merger remains legally contested despite the growing support from major exhibitors. A coalition of 12 state attorneys general is challenging the transaction on antitrust grounds, with California Attorney General Rob Bonta leading the effort. A trial is currently scheduled for March 2027.
Paramount has also escalated its response to the litigation. The company’s lawyers have sought a $1.88 billion bond from the state attorneys general and the Writers Guild of America to cover potential costs associated with delaying the transaction. Paramount faces a reported $7 million-a-day ticking fee to Warner Bros. Discovery shareholders under the terms of the agreement, adding financial pressure as the legal process continues.
The growing support from AMC, Regal and Cinemark therefore comes at an important stage of the merger process. While the three largest theater chains see potential benefits from greater theatrical output and firm release-window commitments, Cinema United continues to seek enforceable protections for the broader exhibition sector, particularly independent and smaller theater operators.
The immediate focus now shifts toward whether Paramount and the state attorneys general can reach a settlement that addresses the industry’s concerns. Cinema United has offered to assist in those discussions, while the antitrust case continues toward its scheduled 2027 trial.
Cinemark’s endorsement does not resolve the legal battle surrounding the proposed acquisition, but it does demonstrate how the exhibition industry’s position has evolved. With the three largest theater chains now supporting the deal, the discussion is increasingly centered on the conditions under which the merger could proceed and whether those commitments can provide sufficient protection for the theatrical business.
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