Theater Chains Split Over Paramount-Warner Deal, Threatening Industry Unity

Cinema United, the lobbying arm for movie exhibitors, has opposed the proposed $111 billion acquisition of Warner Bros. Discovery by Paramount, fearing fewer titles and possible theater shutdowns. President Michael O’Leary, appointed in 2023, now finds the organization’s two largest members—AMC Theatres (led by Adam Aron) and Regal Cinemas (led by Eduardo Acuna)—advocating for the merger.

Aron has argued the deal would bolster the theatrical sector, while Acuna warned that delaying it could create industry uncertainty. The divergence comes after a coalition of state attorneys general filed an antitrust suit, which Aron dismissed in an op-ed. Smaller independent theaters worry the internal split will erode their collective influence, especially given the combined company’s $80 billion debt and planned $6 billion cost cuts. Meanwhile, Cinemark’s CEO Sean Gamble has not taken a public position.