The board of Warner Bros. Discovery officially rejected David Ellison ‘s $30 per share hostile bid for the company, telling shareholders that it remains “inferior” to the Netflix deal, and carries “numerous significant risks and costs on WBD.”

Theater owners fear a sale of Warner Bros. to another major media player could further decrease movie production at a time when the industry has faced multiple setbacks.

Starz put in a $25 billion bid for all of Warner Bros. Discovery’s cable networks and 20% of its studio and streaming businesses last month, according to a Puck report, acting as a dark horse contender for an asset most companies bidding on the entertainment company were not interested in.

Netflix is a company that understands the value of themed entertainment. While the world doesn’t have a Netflix theme park (yet), by the time you read this, the company will have opened its second Netflix House complex in as many months, with a third location already planned for Las Vegas.

In a new letter to Warner Bros. stakeholders, Netflix promises it is 100% committed to releasing Warner Bros. films in movie theaters. The post Netflix Is ‘100% Committed’ to Releasing Warner Bros. Movies in Theaters,