Hell Has Frozen Over: Netflix To Release Greta Gerwig’s ‘Narnia’ Exclusively in Theaters

Summary of Hell Has Frozen Over: Netflix To Release Greta Gerwig’s ‘Narnia’ Exclusively in Theaters

by The Ringer

32m•May 4, 2026
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Overview of The Town: Netflix’s Greta Gerwig Narnia Deal and What It Means for Theatrical Releases

This episode focuses on Netflix’s surprising decision to give Greta Gerwig’s upcoming Narnia film a true theatrical rollout before it lands on streaming, a notable departure from Ted Sarandos’ long-standing anti-theatrical stance. Host Matt Belloni and Bloomberg’s Lucas Shaw break down why Netflix made the move, why Greta Gerwig had the leverage to get it done, and whether this signals a broader shift in Netflix’s business strategy. The episode also briefly pivots to a separate Hollywood controversy involving Jimmy Kimmel and the FCC.

Netflix’s Narnia Deal: What Changed

The original plan

  • Netflix had initially planned a limited theatrical run for The Magician’s Nephew:
    • IMAX only
    • About two weeks in theaters
    • Then streaming on Netflix about a month later
  • That setup was meant to feel like a “special event,” not a real theatrical commitment.

The new arrangement

  • The film will now receive a much broader theatrical release:
    • All formats, not just IMAX
    • All major theater chains
    • A 49-day theatrical window
  • New release dates:
    • IMAX begins a couple days early
    • Wide theatrical release starts February 12
    • Netflix debut follows on April 2

Why Netflix blinked

  • Greta Gerwig had unusual leverage after Barbie and strongly pushed for theaters.
  • The project is big, expensive, and visually ambitious — the kind of movie traditionally built for theaters.
  • Production delays from an on-set injury created an opening to rethink the release plan.
  • Netflix appears more willing to experiment after:
    • Its Warner Bros. pursuit
    • Pressure from filmmakers
    • The industry’s shift toward a 45-day theatrical window

Why Greta Gerwig Got the Deal

A rare mix of leverage and timing

  • Gerwig is one of the most bankable and respected directors working today.
  • The movie’s scale and family appeal make it especially suited to theatrical exhibition.
  • She reportedly pushed hard for the theatrical release, making it a priority in negotiations.
  • Netflix seems increasingly willing to bend for elite filmmakers it doesn’t want to lose.

Industry context

  • Other major directors who have pushed for theatrical releases at Netflix include:
    • Martin Scorsese
    • Guillermo del Toro
    • David Fincher
    • Kathryn Bigelow
  • Shaw and Belloni suggest this could have happened for other filmmakers too, depending on timing and project size.

What This Means for Netflix

A potential strategic shift

  • Netflix may be softening its once rigid “streaming first” philosophy.
  • The company is under pressure to find new growth engines as streaming matures and subscriber growth slows.
  • Theatrical releases may not be a huge direct revenue stream, but they can help:
    • Build brands
    • Create franchises
    • Increase the value of expensive IP
    • Support broader monetization through games, merchandise, experiences, and licensing

Why this matters beyond one movie

  • This is not just about one Narnia release; it raises the question of precedent.
  • If the film performs well, Netflix may be more open to theatrical windows on other big titles.
  • The episode frames this as part of Netflix evolving from a pure streaming platform into a more traditional entertainment studio.

The Big Business Questions

Does theatrical meaningfully help Netflix?

  • Belloni argues theaters probably won’t become a major direct growth engine for Netflix.
  • But theatrical can help Netflix justify very expensive movies by improving the economics across multiple windows.
  • Lucas Shaw notes that if a handful of films get theatrical runs, that won’t move the needle much on a $40 billion business — but it could still matter strategically.

Can Netflix execute this well?

  • A major concern is marketing:
    • Netflix usually does not run traditional blockbuster-style campaigns.
    • Broad theatrical releases require much more promotion than Netflix typically does.
  • Another question is distribution:
    • Netflix reportedly plans to distribute the film itself.
    • The hosts question whether Netflix should partner with an experienced theatrical distributor instead.
  • Traditional studios like Sony, Universal, or Warner Bros. would have clear infrastructure for this kind of release.

Release Date Strategy and Risks

Why February?

  • The new release date avoids the crowded Thanksgiving/Christmas calendar.
  • February was chosen because it was relatively open and allowed for a theatrical rollout after the production delay.
  • It also puts the film in the run-up to Easter, which fits the religious undertones of Narnia.

Potential risk

  • The timing is still not perfect:
    • It lands near Super Bowl weekend
    • It sits between other family-oriented releases
  • The episode notes that the date is available for a reason — it’s not a traditionally strong box office slot.

How Many Netflix Movies Could Go Wide?

A speculative forecast

  • Belloni and Shaw debate how many Netflix films might eventually get wide theatrical releases each year.
  • The guesses range from:
    • 2–3 titles
    • Up to 4 titles annually
  • The consensus: Netflix is unlikely to go all-in on theatrical, but this could become a recurring strategy for a select few tentpoles.

Broader Takeaway

  • Netflix appears to be inching toward a more studio-like model.
  • The company may be realizing that certain films need theaters to maximize cultural impact and long-term IP value.
  • Narnia is a major test case:
    • If it works, the industry could see more “Greta deals.”
    • If it doesn’t, Netflix can still call it an exception.

Secondary Segment: Jimmy Kimmel, Disney, and the FCC

What happened

  • The episode closes with a discussion of the controversy involving Jimmy Kimmel, Disney, and the FCC.
  • The panel argues the situation is legally weak and politically motivated.

Main points

  • Brendan Carr and the FCC are portrayed as overreaching.
  • Disney is expected to win any legal challenge.
  • The hosts view this as a First Amendment issue and a dangerous precedent.
  • Kimmel is seen as unlikely to back down, partly because leaving would let Trump claim victory.

Prediction

  • The episode predicts Disney will ultimately prevail and the FCC will retreat rather than carry the fight through appeals.

Bottom Line

  • Netflix’s Narnia release is a major symbolic shift: a company once famously hostile to theatrical windows is now giving one of its biggest films a real wide release.
  • Greta Gerwig’s clout, the movie’s scale, and broader industry pressure all played a role.
  • The move could be a one-off — or the beginning of Netflix treating a small number of films like true theatrical event movies.