Ted Sarandos

It is pro-innovation.

It's

pro-worker, it is pro-creator, and it is pro-growth.

CEO Ted Sarandos shot down the rumors that his company would shorten the release times during a recent interview with The New York Times.

He said, quote, When this deal closes, we will own a theatrical distribution engine that is phenomenal and produces billions of dollars of theatrical revenue that we don't want to put at risk.

We will run that business largely like it is today with 45-day windows.

Saying he's committed to, quote, winning box office, he explained, The general economics of the theatrical business were more profitable than we had seen, and we had modeled for ourselves.

It's a healthy, profitable business for them.

The only reason Netflix wasn't in theaters, he said, because our business was going so well.

Today's move was entirely expected.

We have a deal done and we are incredibly happy with the deal.

We think it's great for our shareholders.

We think it's great for consumers.

We think it's a great way to create and protect jobs in the entertainment industry.

We're super confident we're going to get it across the line and finish.

So we're excited.

You'll hear from Bloomberg journalists like Matt Levine.

You bet, Ader.

I know some of you are surprised that we're making this acquisition, and I certainly understand why.

Over the years, we have been known to be builders, not buyers.