Warner Bros. Indefinitely Postpones 'Tenet' Release
July 20 2020 - 04:40PM
Dow Jones News
By R.T. Watson
AT&T Inc.'s Warner Bros. said it indefinitely postponed what
was supposed to be the first major studio release since the
Covid-19 pandemic shut down theaters and production throughout the
world.
When "Tenet," a highly anticipated action-thriller from director
Christopher Nolan, does eventually premiere, it may first do so in
theaters overseas before making its U.S. debut, according to a
person familiar with the matter.
Warner Bros.' ongoing struggle to find a workable release date
highlights the challenges many businesses face -- especially those
predicated on public gatherings -- amid shifting public-health
mandates and guidelines that differ from jurisdiction to
jurisdiction.
Until Monday's announcement, the studio had "Tenet" slated for
an Aug. 12 release -- its third scheduled date as the pandemic
dragged on. The large majority of U.S. movie theaters have been
closed since March, including multiplexes in major markets like
California, New York and Texas. Opening a new movie domestically
has remained a risky proposition. Meanwhile, theaters have begun
reopening in some nations that have had better success than the
U.S. in containing Covid-19.
If "Tenet" does initially open overseas, Warner Bros. wants the
film to premiere domestically within a couple weeks of the
international release, even if only in some U.S. cities, the person
also said.
Warner Bros. is expected to announce new release plans for
"Tenet" in the coming days, the person said, adding that the studio
isn't considering a strategy that includes debuting the film on
streaming platforms.
The beleaguered theatrical industry had for several weeks viewed
a "Tenet" opening as a milestone, signalling perhaps that the
sector was on the road to recovery. But as states have stumbled in
their attempts to reopen, theaters have waited on the
sidelines.
Some theaters have reopened at limited capacity and heightened
sanitation measures. They have been forced to rely on lower-profile
independent movies or classic films in order to entice
moviegoers.
Larger theater chains like AMC Entertainment Holdings Inc.,
Cineworld PLC's Regal Entertainment Group and Cinemark Holdings
Inc. have been attempting to time their U.S. reopenings to coincide
with the premiere of "Tenet" -- widely viewed as the type of
potential blockbuster exhibitors require if they hope to attract a
large number of moviegoers.
This wouldn't be the first time Warner Bros. has opened a major
release internationally before doing so in the U.S. In 2018, the
comic-book superhero movie "Aquaman" opened in several
international markets, including China, before premiering in the
U.S. While it could make the film more susceptible to piracy,
releasing "Tenet" first internationally might not significantly
affect the movie's profits. As with many big movies these days,
Warner Bros. is likely to generate two-thirds of the film's total
box-office gross from international markets, the person also
said.
With Warner Bros.' decision, Walt Disney Co.'s live-action
remake "Mulan" slides into pole position. The movie now sits as the
first major Hollywood studio film on the summer calendar, with an
Aug 24 release date currently on the books.
(END) Dow Jones Newswires
July 20, 2020 16:25 ET (20:25 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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