Netflix’s deal to acquire Warner Bros., one of Hollywood’s oldest movie studios, poses seismic shifts to the entertainment industry and the future of moviegoing.

As one of the remaining “big five” studios, the 102-year-old Warner Bros. is an essential part of movie theater business.

The studio currently boasts three of the top five earning films domestically, including “A Minecraft Movie,” in first place, “Superman” and “Sinners,” as well as the Oscar frontrunner, “One Battle After Another.”

There are more questions than answers about how ownership from a streaming giant would change things for Warner Bros. It’s not even clear if it will pass antitrust scrutiny, or, if it does, what the details will look like.

Here are some things to know, and lingering questions, in the wake of the news.

Warner Bros. putting movies in theaters?

Yes, but it might change as well. For starters, it’ll be at least 12 to 18 months before the deal officially goes through and moviegoers can expect essentially business as usual until then. Netflix co-CEO Ted Sarandos said Friday that they will “continue to support” a “life cycle that starts in the movie theater” for Warner Bros. movies. But he also commented that he doesn’t think that “long exclusive windows” are consumer friendly.

With the rise of streaming, and especially in the pandemic era, studios experimented with different theatrical windows. For many years, a 90-day theatrical window was standard, but now it’s closer to 45 days and often a film-by-film decision.

Netflix and movie theaters

Netflix does release some films theatrically, but not usually more than a few weeks before they hit streaming. Sometimes that’s to qualify for awards eligibility, sometimes it’s a gesture to top filmmakers. This year those releases included Guillermo del Toro’s “Frankenstein,” Kathryn Bigelow’s “A House of Dynamite” and Noah Baumbach’s “Jay Kelly.”

Major chains like AMC and Regal had refused to program Netflix releases until 2022, when enthusiasm for the “Knives Out” movie “Glass Onion” helped break the stalemate.

Earlier this year, “KPop Demon Hunters” unofficially topped the box office charts, earning nearly $20 million from a one-weekend run in theaters two full months after it debuted on the streamer.

Netflix also owns and operates several movie theaters, including the Paris Theater in New York and the Egyptian Theatre in Los Angeles.

Upcoming Warner Bros. movies

The studio has a diverse slate of films expected in 2026, with high profile titles including the Margot Robbie-led “Wuthering Heights” in February, “Supergirl” in June, “Practical Magic 2” in September, Alejandro Inarritu’s untitled Tom Cruise movie in October and Denis Villeneuve’s “Dune: Part Three” in December.

Movies planned for 2027 include sequels to “Superman,” “A Minecraft Movie” and “The Batman.”

Earlier this year the company said its target was 12 to 14 releases annually across its four main labels, Warner Bros. Pictures, DC Studios, New Line Cinema and Warner Bros. animation.

What does it mean for movie theaters?

So much of this depends on the details, but Cinema United president and CEO Michael O’Leary said hours before the news broke that it posed “an unprecedented threat to the global exhibition business.”

He added: “Regulators must look closely at the specifics of this proposed transaction and understand the negative impact it will have on consumers, exhibition and the entertainment industry.”

Theatrical exhibition has not fully recovered since the pandemic. Before 2020, the annual domestic box office regularly surpassed $11 billion. Since then it has only surpassed $9 billion once, in 2023, driven largely by “Barbie,” a Warner Bros. release.