Netflix Loses Margot Robbie’s ‘Wuthering Heights’ to Warner Bros. Despite $150 Million Offer

In a surprising turn of events, Netflix has lost the highly anticipated Wuthering Heights adaptation to Warner Bros., despite making a substantial $150 million offer.

The film, directed by Emerald Fennell and starring Margot Robbie and Jacob Elordi, attracted significant interest, with Warner Bros. securing the rights for $80 million by committing to a wide theatrical release. This marks a pivotal shift as more filmmakers seek traditional releases over streaming-first deals.

According to a top Hollywood agent, Netflix was “shocked” at losing the bid after years of dominating similar deal-making battles. Amazon was reportedly in the mix as well, showing an increased commitment to theatrical releases. For Warner Bros., production on Wuthering Heights is set to begin in early 2025, even though it presents scheduling conflicts for Elordi, who is also preparing for Euphoria Season 3 with HBO.

Netflix’s commitment to immediate streaming releases has sparked hesitations among top directors. Greta Gerwig, who signed a deal with Netflix in 2020 for The Chronicles of Narnia, is now reportedly discussing an Imax run following the monumental success of her film Barbie. Talks for a limited Imax screening are ongoing, with sources noting that Gerwig’s team seeks to iron out the timing between the Imax release and Netflix streaming debut to appease theater chains wary of early streaming.

Ted Sarandos, Netflix’s co-CEO, defended the company’s approach in a recent earnings call, emphasizing that Netflix’s goal is “to bring [filmmakers] the biggest audience in the world for their films” without prolonged theater exclusivity. Meanwhile, former Netflix executive Jonathan Fischer, now Imax’s chief content officer, is working on finding a balance for Narnia’s potential theatrical debut.

While Netflix’s leadership shuffle, with Dan Lin replacing Scott Stuber as head of films, wasn’t directly tied to the Wuthering Heights decision, experts suggest that loosening its streaming-first policy could present a “slippery slope” for Netflix. As NYU’s Peter Newman notes, “Breaking precedent for one film could lead to other directors pushing for similar deals, challenging Netflix’s current model.”

The decision to shift Wuthering Heights to Warner Bros. highlights growing demand for theatrical options in the streaming-dominated market.