{"id":744344,"date":"2025-12-28T19:08:30","date_gmt":"2025-12-28T22:08:30","guid":{"rendered":"https:\/\/investnews.com.br\/?p=744344"},"modified":"2025-12-28T19:08:30","modified_gmt":"2025-12-28T22:08:30","slug":"warner-netflix-paramount-cinema-perdedor","status":"publish","type":"post","link":"https:\/\/investnews.com.br\/negocios\/warner-netflix-paramount-cinema-perdedor\/","title":{"rendered":"Warner: na briga entre Netflix e Paramount, a sala de cinema pode ser a grande perdedora"},"content":{"rendered":"\n<p>A disputa pelo controle da <strong>Warner Bros.<\/strong> atingiu o \u00e1pice de tens\u00e3o, mas, independentemente de quem saia vencedor \u2014 se a <a href=\"https:\/\/investnews.com.br\/negocios\/netflix-divida-mais-barata-compra-warner\/\">gigante do streaming <strong>Netflix<\/strong><\/a> ou a coaliz\u00e3o <strong>Paramount-Skydance<\/strong> \u2014, o veredito para as salas de cinema parece ser um s\u00f3: o setor caminha para um futuro de maior escassez e incerteza. <\/p>\n\n\n\n<p>Embora a Warner tenha sido, historicamente, a &#8220;usina&#8221; que alimentava os exibidores com cerca de 22 lan\u00e7amentos anuais, a nova configura\u00e7\u00e3o do est\u00fadio sinaliza que o modelo tradicional de Hollywood est\u00e1 perdendo o f\u00f4lego diante de compradores ou avessos \u00e0s telonas ou excessivamente endividados.<\/p>\n\n\n<section class=\"recirculation-area\">\n    <div class=\"container\">\n                <p class=\"title\">LEIA MAIS:<\/p>\n     \n            <ul class=\"recirculation-list\" data-tracking-position=\"Leia mais\">\n                            <li class=\"list-item\">\n                    <a \n                        href=\"https:\/\/investnews.com.br\/the-wall-street-journal\/cinemas-no-acordo-venda-warner\/\" \n                        title=\"Cinemas veem na venda da Warner um novo obst\u00e1culo \u00e0 recupera\u00e7\u00e3o\" \n                        class=\"item-title recirculation-link\"\n                        data-btn-name=\"Cinemas veem na venda da Warner um novo obst\u00e1culo \u00e0 recupera\u00e7\u00e3o\"\n                        data-posicao=\"Leia mais\"\n                        data-click-url=\"https:\/\/investnews.com.br\/the-wall-street-journal\/cinemas-no-acordo-venda-warner\/\"\n                    >\n                        Cinemas veem na venda da Warner um novo obst\u00e1culo \u00e0 recupera\u00e7\u00e3o                    <\/a>\n                <\/li>\n                            <li class=\"list-item\">\n                    <a \n                        href=\"https:\/\/investnews.com.br\/negocios\/netflix-divida-mais-barata-compra-warner\/\" \n                        title=\"Com d\u00edvida mais barata, Netflix tenta blindar oferta pela Warner\" \n                        class=\"item-title recirculation-link\"\n                        data-btn-name=\"Com d\u00edvida mais barata, Netflix tenta blindar oferta pela Warner\"\n                        data-posicao=\"Leia mais\"\n                        data-click-url=\"https:\/\/investnews.com.br\/negocios\/netflix-divida-mais-barata-compra-warner\/\"\n                    >\n                        Com d\u00edvida mais barata, Netflix tenta blindar oferta pela Warner                    <\/a>\n                <\/li>\n                            <li class=\"list-item\">\n                    <a \n                        href=\"https:\/\/investnews.com.br\/negocios\/os-novos-baroes-da-midia-como-sbt-news-metropoles-e-tmc-disputam-espaco-na-nova-imprensa\/\" \n                        title=\"Os novos bar\u00f5es da m\u00eddia: como SBT News, Metr\u00f3poles e TMC disputam espa\u00e7o na nova imprensa\" \n                        class=\"item-title recirculation-link\"\n                        data-btn-name=\"Os novos bar\u00f5es da m\u00eddia: como SBT News, Metr\u00f3poles e TMC disputam espa\u00e7o na nova imprensa\"\n                        data-posicao=\"Leia mais\"\n                        data-click-url=\"https:\/\/investnews.com.br\/negocios\/os-novos-baroes-da-midia-como-sbt-news-metropoles-e-tmc-disputam-espaco-na-nova-imprensa\/\"\n                    >\n                        Os novos bar\u00f5es da m\u00eddia: como SBT News, Metr\u00f3poles e TMC disputam espa\u00e7o na nova imprensa                    <\/a>\n                <\/li>\n                    <\/ul>\n    <\/div><\/section>\n\n\n\n<p>Segundo <a href=\"https:\/\/www.wsj.com\/business\/media\/theres-no-happy-ending-for-movie-theaters-no-matter-who-wins-warner-e1d99e45?mod=business_lead_pos3\" target=\"_blank\" rel=\"noopener\">reportagem do The Wall Street Journal,<\/a> o cen\u00e1rio para as salas de exibi\u00e7\u00e3o j\u00e1 era delicado antes mesmo do leil\u00e3o. Com uma bilheteria nos EUA estagnada em US$ 8,3 bilh\u00f5es \u2014 longe dos US$ 11 bilh\u00f5es registrados antes da pandemia \u2014, o setor agora observa com ansiedade o cabo de guerra bilion\u00e1rio. <\/p>\n\n\n\n<p>A Netflix, declarada vencedora inicial do certame, tenta suavizar sua imagem de &#8220;exterminadora de cinemas&#8221; ao prometer respeitar as janelas de exibi\u00e7\u00e3o tradicionais. No entanto, o mercado desconfia que esse apetite dure apenas o tempo necess\u00e1rio para cumprir contratos pr\u00e9-existentes, que seguem at\u00e9 2029, quando a estrat\u00e9gia de priorizar o sof\u00e1 deve voltar a ganhar for\u00e7a.<\/p>\n\n\n\n<p>A <a href=\"https:\/\/investnews.com.br\/negocios\/paramount-questiona-warner-processo-de-venda\/\">Paramount tenta uma investida agressiva<\/a> com uma oferta de US$ 30 por a\u00e7\u00e3o, superando os US$ 27,75 oferecidos pela Netflix. Para ganhar musculatura, David Ellison conta com o suporte financeiro de seu pai, o megabilion\u00e1rio Larry Ellison, que comprometeu US$ 40 bilh\u00f5es em a\u00e7\u00f5es da Oracle para garantir a transa\u00e7\u00e3o. <\/p>\n\n\n\n<blockquote class=\"instagram-media\" data-instgrm-captioned data-instgrm-permalink=\"https:\/\/www.instagram.com\/reel\/DSIGd5cAlV5\/?utm_source=ig_embed&amp;utm_campaign=loading\" data-instgrm-version=\"14\" style=\" background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:540px; min-width:326px; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px);\"><div style=\"padding:16px;\"> <a href=\"https:\/\/www.instagram.com\/reel\/DSIGd5cAlV5\/?utm_source=ig_embed&amp;utm_campaign=loading\" style=\" background:#FFFFFF; line-height:0; padding:0 0; text-align:center; text-decoration:none; width:100%;\" target=\"_blank\" rel=\"noopener\"> <div style=\" display: flex; flex-direction: row; align-items: center;\"> <div style=\"background-color: #F4F4F4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;\"><\/div> <div style=\"display: flex; flex-direction: column; flex-grow: 1; justify-content: center;\"> <div style=\" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;\"><\/div> <div style=\" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;\"><\/div><\/div><\/div><div style=\"padding: 19% 0;\"><\/div> <div style=\"display:block; height:50px; margin:0 auto 12px; width:50px;\"><svg width=\"50px\" height=\"50px\" viewBox=\"0 0 60 60\" version=\"1.1\" xmlns=\"https:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"https:\/\/www.w3.org\/1999\/xlink\"><g stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\"><g transform=\"translate(-511.000000, -20.000000)\" fill=\"#000000\"><g><path d=\"M556.869,30.41 C554.814,30.41 553.148,32.076 553.148,34.131 C553.148,36.186 554.814,37.852 556.869,37.852 C558.924,37.852 560.59,36.186 560.59,34.131 C560.59,32.076 558.924,30.41 556.869,30.41 M541,60.657 C535.114,60.657 530.342,55.887 530.342,50 C530.342,44.114 535.114,39.342 541,39.342 C546.887,39.342 551.658,44.114 551.658,50 C551.658,55.887 546.887,60.657 541,60.657 M541,33.886 C532.1,33.886 524.886,41.1 524.886,50 C524.886,58.899 532.1,66.113 541,66.113 C549.9,66.113 557.115,58.899 557.115,50 C557.115,41.1 549.9,33.886 541,33.886 M565.378,62.101 C565.244,65.022 564.756,66.606 564.346,67.663 C563.803,69.06 563.154,70.057 562.106,71.106 C561.058,72.155 560.06,72.803 558.662,73.347 C557.607,73.757 556.021,74.244 553.102,74.378 C549.944,74.521 548.997,74.552 541,74.552 C533.003,74.552 532.056,74.521 528.898,74.378 C525.979,74.244 524.393,73.757 523.338,73.347 C521.94,72.803 520.942,72.155 519.894,71.106 C518.846,70.057 518.197,69.06 517.654,67.663 C517.244,66.606 516.755,65.022 516.623,62.101 C516.479,58.943 516.448,57.996 516.448,50 C516.448,42.003 516.479,41.056 516.623,37.899 C516.755,34.978 517.244,33.391 517.654,32.338 C518.197,30.938 518.846,29.942 519.894,28.894 C520.942,27.846 521.94,27.196 523.338,26.654 C524.393,26.244 525.979,25.756 528.898,25.623 C532.057,25.479 533.004,25.448 541,25.448 C548.997,25.448 549.943,25.479 553.102,25.623 C556.021,25.756 557.607,26.244 558.662,26.654 C560.06,27.196 561.058,27.846 562.106,28.894 C563.154,29.942 563.803,30.938 564.346,32.338 C564.756,33.391 565.244,34.978 565.378,37.899 C565.522,41.056 565.552,42.003 565.552,50 C565.552,57.996 565.522,58.943 565.378,62.101 M570.82,37.631 C570.674,34.438 570.167,32.258 569.425,30.349 C568.659,28.377 567.633,26.702 565.965,25.035 C564.297,23.368 562.623,22.342 560.652,21.575 C558.743,20.834 556.562,20.326 553.369,20.18 C550.169,20.033 549.148,20 541,20 C532.853,20 531.831,20.033 528.631,20.18 C525.438,20.326 523.257,20.834 521.349,21.575 C519.376,22.342 517.703,23.368 516.035,25.035 C514.368,26.702 513.342,28.377 512.574,30.349 C511.834,32.258 511.326,34.438 511.181,37.631 C511.035,40.831 511,41.851 511,50 C511,58.147 511.035,59.17 511.181,62.369 C511.326,65.562 511.834,67.743 512.574,69.651 C513.342,71.625 514.368,73.296 516.035,74.965 C517.703,76.634 519.376,77.658 521.349,78.425 C523.257,79.167 525.438,79.673 528.631,79.82 C531.831,79.965 532.853,80.001 541,80.001 C549.148,80.001 550.169,79.965 553.369,79.82 C556.562,79.673 558.743,79.167 560.652,78.425 C562.623,77.658 564.297,76.634 565.965,74.965 C567.633,73.296 568.659,71.625 569.425,69.651 C570.167,67.743 570.674,65.562 570.82,62.369 C570.966,59.17 571,58.147 571,50 C571,41.851 570.966,40.831 570.82,37.631\"><\/path><\/g><\/g><\/g><\/svg><\/div><div style=\"padding-top: 8px;\"> <div style=\" color:#3897f0; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:550; line-height:18px;\">View this post on Instagram<\/div><\/div><div style=\"padding: 12.5% 0;\"><\/div> <div style=\"display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;\"><div> <div style=\"background-color: #F4F4F4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);\"><\/div> <div style=\"background-color: #F4F4F4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;\"><\/div> <div style=\"background-color: #F4F4F4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);\"><\/div><\/div><div style=\"margin-left: 8px;\"> <div style=\" background-color: #F4F4F4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;\"><\/div> <div style=\" width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg)\"><\/div><\/div><div style=\"margin-left: auto;\"> <div style=\" width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);\"><\/div> <div style=\" background-color: #F4F4F4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);\"><\/div> <div style=\" width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);\"><\/div><\/div><\/div> <div style=\"display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;\"> <div style=\" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;\"><\/div> <div style=\" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;\"><\/div><\/div><\/a><p style=\" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;\"><a href=\"https:\/\/www.instagram.com\/reel\/DSIGd5cAlV5\/?utm_source=ig_embed&amp;utm_campaign=loading\" style=\" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none;\" target=\"_blank\" rel=\"noopener\">A post shared by InvestNews (@investnewsbr)<\/a><\/p><\/div><\/blockquote>\n<script async src=\"\/\/www.instagram.com\/embed.js\"><\/script>\n\n\n\n<p>E, se a Paramount ostenta um DNA mais cinematogr\u00e1fico e promete lan\u00e7ar mais de 30 filmes por ano, a matem\u00e1tica financeira joga contra: analistas do Bernstein apontam que a fus\u00e3o deixaria a nova companhia &#8220;alavancada at\u00e9 o pesco\u00e7o&#8221;. Na pr\u00e1tica, um est\u00fadio sufocado por d\u00edvidas tende a abandonar a experimenta\u00e7\u00e3o para apostar apenas em f\u00f3rmulas prontas e franquias garantidas, como <strong>Harry Potter<\/strong> e <strong>DC Comics<\/strong>, encolhendo a diversidade das salas.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/media.investnews.com.br\/uploads\/2024\/12\/389933498-1024x683.jpg\" alt=\"Multid\u00e3o na entrada do edif\u00edcio Harry Potter, com o letreiro &quot;Harry Potter&quot; em destaque.\" class=\"wp-image-637366\"\/><figcaption class=\"wp-element-caption\"><em>Visitantes se re\u00fanem do lado de fora do Palace Theatre para uma apresenta\u00e7\u00e3o de Harry Potter e a Crian\u00e7a Amaldi\u00e7oada em Londres, Reino Unido. Foto: Chris J. Ratcliffe\/Bloomberg<\/em><\/figcaption><\/figure>\n\n\n\n<p>O ceticismo dos investidores j\u00e1 se traduz em n\u00fameros reais no mercado financeiro. No \u00faltimo m\u00eas, as a\u00e7\u00f5es da Cinemark ca\u00edram cerca de 18%. A AMC, maior rede de cinema dos EUA e com salas em diversos pa\u00edses da Europa, despencou mais de 30%. <\/p>\n\n\n\n<p>Recentemente, o Morgan Stanley rebaixou a recomenda\u00e7\u00e3o da Cinemark para neutra, observando que a incerteza sobre o compromisso real da Netflix com a distribui\u00e7\u00e3o f\u00edsica limita qualquer potencial de valoriza\u00e7\u00e3o dos pap\u00e9is. \u00c9 um sinal claro de que o mercado n\u00e3o v\u00ea o futuro comprador como um salvador da p\u00e1tria para aos donos das salas de exibi\u00e7\u00e3o.<\/p>\n\n\n\n<p>Aqui no Brasil, a Paramount \u00e9 dona da rede de cinemas <strong>UCI<\/strong>, que tem 29 complexos de salas de exibi\u00e7\u00e3o no pa\u00eds. De acordo com reportagem de outubro do Pipeline, site do Valor Econ\u00f4mico, a controladora americana teria contratado a G5 Partners para vender a opera\u00e7\u00e3o da UCI no Brasil e na Argentina. O movimento refor\u00e7a a tese de que, mesmo para os players mais tradicionais, a prioridade tem sido a desalavancagem e a efici\u00eancia operacional em detrimento da manuten\u00e7\u00e3o de ativos f\u00edsicos de exibi\u00e7\u00e3o.<\/p>\n\n\n\n<p>Mesmo que a Warner possua marcas valiosas e precise manter boas rela\u00e7\u00f5es com os grandes talentos de Hollywood \u2014 que ainda valorizam o prest\u00edgio da tela grande \u2014, as mudan\u00e7as parecem inevit\u00e1veis. Nessa briga entre uma plataforma de tecnologia que busca escala digital e um est\u00fadio tradicional que precisar\u00e1 cortar custos com ferocidade para sobreviver \u00e0 d\u00edvida, o cinema cl\u00e1ssico parece estar perdendo seu papel de protagonista, e o rel\u00f3gio para os donos das salas de exibi\u00e7\u00e3o n\u00e3o para e os sinais de mercado tampouco s\u00e3o de que essa eros\u00e3o pode ficar no passado.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Os bastidores dos novos imp\u00e9rios de comunica\u00e7\u00e3o que desafiam o mercado\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/SfR4Ux_4vOs?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>A disputa pelo controle da Warner Bros. atingiu o \u00e1pice de tens\u00e3o, mas, independentemente de quem saia vencedor \u2014 se a gigante do streaming Netflix ou a coaliz\u00e3o Paramount-Skydance \u2014, o veredito para as salas de cinema parece ser um s\u00f3: o setor caminha para um futuro de maior escassez e incerteza. Embora a Warner [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":322637,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[78,2324],"autor-wsj":[],"coauthors":[1494],"class_list":["post-744344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-negocios","tag-estados-unidos","tag-fusoes-e-aquisicoes"],"acf":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/investnews.com.br\/inv-api\/wp\/v2\/posts\/744344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investnews.com.br\/inv-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investnews.com.br\/inv-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/investnews.com.br\/inv-api\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/investnews.com.br\/inv-api\/wp\/v2\/comments?post=744344"}],"version-history":[{"count":6,"href":"https:\/\/investnews.com.br\/inv-api\/wp\/v2\/posts\/744344\/revisions"}],"predecessor-version":[{"id":744353,"href":"https:\/\/investnews.com.br\/inv-api\/wp\/v2\/posts\/744344\/revisions\/744353"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investnews.com.br\/inv-api\/wp\/v2\/media\/322637"}],"wp:attachment":[{"href":"https:\/\/investnews.com.br\/inv-api\/wp\/v2\/media?parent=744344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investnews.com.br\/inv-api\/wp\/v2\/categories?post=744344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investnews.com.br\/inv-api\/wp\/v2\/tags?post=744344"},{"taxonomy":"autor-wsj","embeddable":true,"href":"https:\/\/investnews.com.br\/inv-api\/wp\/v2\/autor-wsj?post=744344"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/investnews.com.br\/inv-api\/wp\/v2\/coauthors?post=744344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}