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Netflix does not plan to buy a movie theater chain, co-CEO says By Reuters


© Reuters. FILEPHOTO: Ted Sarandos (Nexis executive) arrives at the premiere in New York of “The Irishman”, which will take place on September 27, 2019, in New York City. REUTERS/Carlo Allegri/File Photo

By Lisa Richwine

BEVERLY HILLS, Calif. (Reuters) – Netflix Inc (NASDAQ:) is not looking to buy a movie theater chain, Co-Chief Executive Ted Sarandos said on Monday, a rejection of speculation that swirled after the world’s largest streaming service bought two cinemas.

It owns one theater, one in New York that it purchased in 2019, as well as one in Los Angeles which it acquired in 2020. The cinemas are used by Netflix to host movie premieres as well as to show some of its original films.

Sarandos, when asked if Netflix would buy another theater chain at Vox Media’s Code Conference, said that “no.”

Sarandos also stated that he expects theaters will survive the rise in at-home streaming, but that people would be less likely to visit their local theatre if they could watch more programming online.

He stated that “moviegoing” will likely be less popular and possibly more expensive. It’s a way for people to escape the house.

Sarandos said also that “Squid Game,” a Korean horror show, was fast on the way to being Netflix’s largest non-English title and would be its biggest ever. It could become its most watched series around the globe.

Sarandos stated that “we didn’t see it coming in terms of its worldwide popularity.”

According to Sarandos, romantic drama “Bridgerton” is currently the most watched show, based on total hours. Sandra Bullock’s thriller Bird Box is the most watched film.

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