A turbulent moment in Hollywood — with Netflix and Paramount now battling to acquire Warner Bros. — has Canadian indie producers and broadcasters assessing the likely impacts north of the border, and many see clear downsides.
As the fight over WB continues, the possibility of another major contraction in the U.S. entertainment sector threatens to leave Canadian content creators with one fewer buyer. “That’s not a good day for sellers … If there are fewer people to come to, that makes it more difficult to make a sale,” Martin Katz, David Cronenberg’s longtime producer, tells The Hollywood Reporter.
The question of how many Hollywood doors will remain open grew even murkier on Monday when Paramount launched a hostile bid for WBD, just days after Netflix made its own offer. That move sets up a very public and potentially lengthy fight.
“These corporate monsters are gobbling things up, and it makes it much more difficult for independent films to live, because they don’t want our films at the end of the day,” says Michael Paszt, managing partner of Raven Banner Entertainment, the Toronto-based genre producer-distributor that has relied heavily on AMC’s Shudder as a major partner.
Canadian producers were already finding it tougher to get in front of Warner Bros. executives after the studio merged with Discovery to create Warner Bros. Discovery in 2021. Still, after Netflix unveiled its bid for WBD, producers note the difference between the company’s Los Gatos headquarters — now focused on trying to outmaneuver Paramount — and its Toronto office, where commissioning editors continue to meet with local creators and acquire film and TV projects.
Valerie Creighton, president and CEO of the Canada Media Fund, which invests heavily in Canadian TV meant for international export, argues that “Canadian producers are working with Netflix, as are some broadcasters in Canada. They (Netflix) like Canada, as far as we can tell, and they’re working here all the time. So let’s hope for the best and it does have a big impact and more content gets into the world.”
Both Netflix and Paramount already shoot extensively in Toronto and Vancouver, attracted by tax credits and currency advantages, so they are deeply familiar with the Canadian industry.
But uncertainty looms for Bell Media, which holds a multi-year licensing deal with WBD that makes Canadian streamer Crave the exclusive Canadian home for HBO Max originals. Whether HBO Max and Netflix eventually combine into a single offering in Canada — or continue as separate services — will shape how Canadians access their favorite series. For local media companies, the outcome of the fight over WBD and its legacy networks is especially important as they approach a post-linear TV era, one where debates about what makes content “Canadian” may give way to questions about how Canadian producers can simply stay in the game.
Over the past decade, U.S. streamers like Netflix and Prime Video have steadily pulled Canadian viewers away from domestic networks. At the same time, Canadian comedies such as Schitt’s Creek, Workin’ Moms and Kim’s Convenience found international audiences, social buzz and awards recognition after Netflix brought them to its global platform.
Catherine Winder, CEO of Wind Sun Sky Entertainment in Vancouver, says that as Hollywood consolidation continues among ever-larger giants, Canadian creators will need to be even more innovative and distinctive in what they develop. “The opportunity up here — when you have these big companies that are afraid to take risks and put new voices and stories on the screen — is for Canadians, in that innovative and scrappy way, to build worlds, universes, IP that’s going to stand out and be nimble and agile,” Winder argues.
While anti-trust concerns hover over the Netflix and Paramount bids for Warner Bros., Canadian players are eager for clarity on who will win — and how deep the pockets of the remaining buyers will be.
They’re also watching to see whether even more film projects shift to streaming platforms, as theatrical opportunities for indie films continue to shrink.
For now, until the future of WBD becomes clearer, Canadian producers remain bystanders to a fierce corporate showdown unfolding south of the border.
Says Toronto-based producer-director Shelly Hong (Note to Self): “It’s happening, so we just have to come on board and be ahead of it, otherwise you’re going to get railroaded.”
