Overview of The Town
This episode focuses on two major Hollywood business stories: the rumored sale of IMAX and what Netflix’s decision to put David Fincher’s upcoming Once Upon a Time in Hollywood sequel into theaters says about the future of streaming and theatrical releases. Matt Belloni is joined by Bloomberg’s Lucas Shaw to break down who might buy IMAX, why the company is exploring a sale now, and whether studios, streamers, or private equity make the most sense as buyers. The second half shifts to box office trends, especially the rise of original horror hits and what they say about audience demand.
IMAX Is Exploring a Sale
Why now
- IMAX has reportedly begun talking to potential buyers after a strong stretch for premium large-format moviegoing.
- The company is in a favorable position because:
- premium format attendance is growing,
- its stock has been relatively strong,
- and it is a comparatively light asset versus traditional theater chains.
- IMAX doesn’t own most of its theaters; it licenses its technology and programs screens, which makes it more of a tech/platform company than a traditional exhibitor.
Why IMAX is attractive
- Premium large-format screens now account for a meaningful share of U.S. ticket sales.
- IMAX is seen as a valuable brand for filmmakers and studios that want to sell “event” moviegoing.
- It has a relatively low balance-sheet burden compared with theater operators.
Who might buy it
The discussion centered on a few possible buyer classes:
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Theater chains
- AMC, Regal, and Cinemark could theoretically want to own the premium format business.
- But they face financing challenges and potential conflicts if they own a company that also services rival theaters.
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Studios
- Disney and other studios could technically buy IMAX now that old exhibition/distribution restrictions are gone.
- But Belloni and Shaw argued the strategic rationale is weak, since studios don’t actually control most IMAX screens and would risk complicating relationships with exhibitors.
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Private equity or a tech partner
- This was the most plausible outcome on the show.
- The company could be attractive as a niche, profitable, growth-oriented media-tech asset.
Bottom line on the sale
- Both hosts leaned toward IMAX ultimately being sold, likely to a non-studio buyer.
- The likely outcome: IMAX becomes part of a larger private or tech-backed structure rather than staying a standalone public company.
Netflix, Fincher, and the Theatrical Strategy Question
The big development
- Netflix is giving David Fincher’s upcoming sequel to Once Upon a Time in Hollywood a theatrical run.
- The film is being positioned for a short window in IMAX/theaters before heading to Netflix.
Why this matters
- It signals Netflix is still experimenting with prestige theatrical releases to attract top filmmakers.
- The move also shows how important theatrical exhibition remains for awards visibility and filmmaker prestige.
Why Regal is the holdout
- AMC appears open to the arrangement, but Regal is less willing.
- Regal’s concern is that Netflix’s model could weaken the traditional theatrical windowing system.
- The deal structure matters:
- the Narnia arrangement involved a more formal, wider theatrical commitment,
- but this Fincher release is more of a tactical, shorter-window experiment.
The bigger implication
- The hosts debated whether this kind of limited theatrical stunt:
- helps Netflix build credibility with filmmakers,
- or undermines the theater business’s windowing norms.
- Belloni argued Netflix likely still won’t win Best Picture unless it gives a meaningful theatrical release to a film.
Box Office and the “Movies Are Back” Debate
The health of the theatrical market
- Shaw and Belloni agreed that the box office is in a better place than it has been in years.
- They’re cautiously optimistic, but both emphasized that success remains title-dependent.
- They see a more stable post-pandemic theatrical ecosystem, though not a return to the exact pre-streaming, pre-pandemic model.
What’s driving the rebound
- Strong performance from:
- event titles,
- IP-driven releases,
- horror,
- and movies that play especially well with younger audiences.
- The hosts noted that Gen Z audiences still like going to theaters, including premium formats like IMAX.
The Call Sheet: Horror Is Winning
Original horror is thriving
- The show shifted to a discussion of the breakout horror film Obsession.
- Key points:
- made for under $1 million,
- bought at TIFF by Focus Features for about $15 million,
- opened strongly and then had an unusually strong second weekend,
- and is now on track to pass $100 million domestic.
Why this matters for the industry
- Horror is becoming a reliable pipeline for new talent, especially creators with internet/YouTube backgrounds.
- The old model of horror sequels is giving way to fresh, original concepts with strong word-of-mouth.
- Blumhouse and other buyers are recalibrating toward young digital-native filmmakers.
Other box office notes
- Mandalorian and Grogu outperformed expectations in the opening-weekend tracking conversation.
- Belloni also admitted he badly missed on the Colbert finale audience, which drew a much larger live-plus-same-day crowd than expected.
Main Takeaways
- IMAX is likely in play for acquisition, and the most plausible buyers are private equity or a tech/strategic partner, not a major studio.
- Netflix’s theatrical experiments are strategic, not accidental—they’re about prestige, filmmaker relationships, and awards positioning.
- The theater business is not dead, but it is increasingly driven by eventization, premium formats, and audience-specific titles.
- Original horror is one of Hollywood’s healthiest categories, with young creators and low-budget films producing outsized returns.
- The conversation reflects a broader industry theme: Hollywood is still searching for a sustainable post-pandemic movie model, but there are real signs of stability in the right segments.