Netflix has recently made significant progress towards finalizing its acquisition of Warner Bros., which was initially announced towards the end of last year. The studios jointly announced this morning that Netflix has committed to paying the proposed price of $83 billion for Warner Bros. entirely in cash. This certainly makes for a much more attractive offer than having a substantial portion of the sale price tied up in assets. It has also been confirmed that shareholders will vote on whether to approve the sale by April, although specific dates have yet to be disclosed.

This announcement has sent shockwaves through the entertainment industry for months, with many asserting that it could change, if not jeopardize, the future of movie theaters. When it was first revealed that Netflix had emerged as the winning bidder for Warner Bros., rampant speculation arose that all major blockbusters produced by Warner Bros. would no longer be released directly to theaters. Netflix CEO Ted Sarandos stated that Netflix still intends to release films in theaters, albeit with much shorter windows, such as 10 days. This would still represent a significant setback for the theatrical industry.

Movies deserve more than 10 days to have a chance to succeed in theaters. <em>Avatar: Fire and Ash</em> exemplifies how far a film can go at the box office. The film debuted at the #1 position over the weekend of December 19 and has yet to be dethroned after four additional weekends in theaters. It has grossed over $500 million after its first 10 days in cinemas.

Netflix Is Testing Theatrical Releases

Netflix has been experimenting with various models for theatrical releases, and not just for movies. The streaming giant released the final episode of Stranger Things in theaters on New Year’s Day, generating an estimated $25 million in box office revenue. Netflix has also released several of its major films, including Train Dreams and A House of Dynamite, in select theaters two weeks prior to their streaming launch. This model will be tested again in March with the upcoming release of The Immortal Man, a Peaky Blinders spin-off film featuring Cillian Murphy and Rebecca Ferguson.

Stay tuned to Collider for more updates and coverage regarding Netflix’s acquisition of Warner Bros.