The proposed $83 billion acquisition of Warner Bros Discovery by streaming giant Netflix has sent shockwaves beyond Hollywood, reaching the shores of the Indian film exhibition sector. The Multiplex Association of India (MAI) has raised a red flag, warning that this massive consolidation could severely undermine the country's theatrical ecosystem.
Why Indian Multiplexes Are Worried
The core concern, as highlighted by MAI, is a dangerous global trend: major streaming platforms buying out iconic film studios. This shift in ownership threatens the steady pipeline of titles that Indian cinemas rely on to attract audiences throughout the year. Unlike Amazon's $8.5 billion purchase of MGM, which did not raise similar alarms because the studio was active and Amazon later increased its cinema focus, Netflix's approach has been more selective regarding theatrical releases.
Warner Bros has been a crucial supplier for the Indian release calendar, providing a consistent stream of content. The financial heft of Netflix's deal, comparable to Disney's $71 billion buyout of 21st Century Fox in 2019, places it among the largest entertainment mergers in recent history.
The Economic and Cultural Stakes for India
Kamal Gianchandani, President of MAI, emphasized that the Indian theatrical market thrives on "choice, scale and cultural diversity." He elaborated on the profound economic role of cinemas, stating they are more than just entertainment venues. "They are cultural hubs and major economic engines. They support millions of livelihoods across production, distribution, exhibition, food and beverage and ancillary services," he told ET.
Gianchandani pointed to Netflix's existing stance on cinema as a cause for concern. "If this acquisition proceeds, the risk is two-fold: a meaningful reduction in high quality content for cinemas and the potential for shortened or non-existent theatrical windows. This would impact revenues, limit consumer choice and weaken the broader film ecosystem," he cautioned. He asserted that a consolidation of this magnitude requires careful scrutiny and that MAI will continue to engage with regulators in India and abroad.
Immediate Impact vs. Long-Term Shake-up
In response to the concerns, Netflix has stated its intention to retain Warner Bros' existing operations and bolster its theatrical capabilities. Privately, executives from large multiplex chains acknowledge that the immediate fallout in India might not be dramatic, as the box office is predominantly driven by Hindi and regional language films.
Data from Ormax Media reveals that by October 2025, the Indian box office had reached Rs 11,077 crore, marking a 24% increase from the previous year. Hollywood's contribution to this revenue stands at around 10%. While Warner Bros Discovery's individual share is in the low single digits, Hollywood films collectively contribute double-digit percentages to the revenues of major chains like PVR Inox and Cinepolis.
However, the wider implications are clear. A senior multiplex executive noted, "While WBD's contribution in India is not very large, this merger will shake up global cinema in the years ahead. There is already strong opposition to the deal in the US." The warning from India's exhibition body underscores a global anxiety: the future of the big-screen experience in an era dominated by streaming behemoths.
