Regardless of who ends up owning Warners Bros., "the outlook for theatrical movies is dimming," writes a Wall Street Journal tech columnist, noting that this year's U.S. box office of $8.3 billion (as of December 25) "is a bit below last year's and well below prepandemic levels of around $11 billion." Warner has historically been one of Hollywood's largest producers of theatrical films, averaging about 22 releases annually in the pre-Covid years of 2015 to 2019, according to data from Comscore. Its franchises include "Harry Potter," the DC Comics characters and "Lord of the Rings." But the current bidding war between Netflix and Paramount Skydance means Warner's future will ultimately be in the hands of either a streaming giant with a longstanding distaste for movie theaters, or a rival studio that will carry a sky-high debt load and therefore a need to sharply cut costs... [Though later the article cites a Wedbush analyst's observation that the current theatrical slate has already been negotiated through 2029, "so any buyer would have to honor those contracts" with theatrical releases for Warner films "for at least the next four years."] Investors seem deeply skeptical. Cinemark shares have shed about 18% of their value over the past month, while rival exhibitor AMC Entertainment is down more than 30%. Morgan Stanley recently downgraded Cinemark to a neutral rating, with analyst Ben Swinburne noting that concern over Netflix's commitment to theatrical distribution and release windows "is likely to cap the multiple" on Cinemark's stock.... [T]ime hasn't been on the side of movie theaters for a while now, and a takeover of Warner Bros. won't turn back that clock. Read more of this story at Slashdot.