Hollywood was heartbroken in 2019 when 20th Century Fox ended its 84-year journey as an independent studio — lamenting the job losses and the close of a historic chapter. But that grief soon faded into acceptance.
This week, however, a deeper sense of loss has gripped the industry as Warner Bros heads to auction, reports The New York Times
Known affectionately as “Warners,” the 102-year-old studio was long seen as strong enough to thrive in the new media age — unlike some of its less resilient competitors. Yet it now faces the same uncertain fate that befell Fox.
“To lose Warners as an independent studio would be heartbreaking,” said Oscar-winning producer Dan Jinks. “There are already so many talented people across entertainment out of work — and now one of the biggest, most reliable studios could disappear into consolidation?”
Industry publication The Ankler urged Hollywood unions to step in. “Is anyone awake out there to stop this?” wrote columnist Richard Rushfield, calling the potential disappearance of Warner Bros “anathema to all we’ve got.”
Warner Bros has changed hands several times over the decades. AT&T took control in 2018 through its $85.4 billion acquisition of Time Warner. Discovery, a cable TV company, assumed ownership in 2022 — promising to restore the studio’s former glory by ramping up film production and reaffirming its commitment to theatrical releases.
David Zaslav, CEO of Warner Bros Discovery, often spoke about the studio’s illustrious history, paying tribute to founders Jack, Harry, Sam and Albert Warner — “the brothers who started it all.”
Just months ago, Warner Bros enjoyed one of its strongest box office runs ever, delivering seven consecutive hits, including Ryan Coogler’s Sinners, a leading contender for this year’s Oscars.
Then, on Tuesday, Warner Bros Discovery effectively hung a “For Sale” sign, announcing it was considering selling part or all of the company following interest from potential buyers such as Paramount, Comcast (owner of Universal Pictures), and Amazon Studios (owner of MGM).
“Doom, gloom and rage,” was how one veteran screenwriter described the mood in Hollywood. The Writers Guild of America warned that any merger between Warner Bros and another major studio or streamer “would be a disaster for writers, consumers and competition,” vowing to work with regulators to block such a deal.
Few studios embody the romance of Old Hollywood like Warner Bros, whose soundstages hosted legends such as Bette Davis and James Cagney. Its film library includes timeless classics — Casablanca, The Maltese Falcon, Bonnie and Clyde, Dirty Harry, The Shining and Chariots of Fire.
“Warner Bros hits harder because, not so long ago, it was led by executives who genuinely protected filmmakers — Bob Daly, Terry Semel, Alan Horn, Steve Ross,” said film historian Sam Wasson, co-author of Hollywood: The Oral History.
“And there’s the magic of the place itself,” he added, describing the elegant Burbank lot with its beige façades, water tower, and garden paths. “You walk through it and still feel Hollywood — that’s not true elsewhere.”
Fox had a storied past too, championing icons like Marilyn Monroe and producing classics such as The Sound of Music and the first Star Wars film. But when Disney bought it in 2019, most of Hollywood had already accepted that Rupert Murdoch’s studio would eventually be sold.
Fox’s fall came during a far healthier entertainment economy, when studios were flush with cash and chasing streaming dominance. The North American box office hit a record $12 billion in 2018.
Seven years later, the bubble has burst. Theaters in the U.S. and Canada endured their weakest summer since 1981 (excluding the pandemic years), while production continues to flee California for cheaper, incentive-rich locations abroad.
The rise of artificial intelligence threatens to further reshape jobs, and many in Hollywood now fear potential censorship under a Trump administration.
Amid that anxiety, the possible sale of Warner Bros feels like a devastating blow.
“I hate this,” said Larry Gordon, former president of Fox Entertainment Group and producer of Field of Dreams and Die Hard. “With Fox gone, this feels like another death in the family.”
