Netflix’s blockbuster deal to acquire Warner Bros. raises intriguing questions across the value chain and across different sectors of the global business. One realm not front of mind today, but that might feel the impact is the competitive circuit of A-list European film festivals.

Netflix and WB have developed very different working relationships with the major festivals. As one of Hollywood’s legacy brands, WB remains a coveted partner for most major festivals, with WB titles often serving as centerpiece screenings. Recent major WB festival debuts include Joker at Venice in 2019, Baz Luhrmann’s Elvis at Cannes in 2022, and this year, the studio gave a European debut to Bong Joon Ho’s Mickey 17 in Berlin.

After an initial spell as the pulpy disruptor, Netflix has had a more comple

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