Warner Bros. renews deals for film chiefs after turnaround year

Warner Bros. said Wednesday it will renew the contract for studio heads Mike De Luca and Pam Abdy after the two orchestrated a string of back-to-back hits at the box office.

The news is a notable reversal of fortune for the co-chairs and co-chief executives of Warner Bros. Motion Picture Group.

Only six months ago, the pair was on thin ice after a series of underperforming films, including Bong Joon Ho’s sci-fi thriller “Mickey 17” and the Robert De Niro-led mob movie “The Alto Knights.”

But the studio’s prospects dramatically changed in April with the release of “A Minecraft Movie,” which hauled in nearly $958 million worldwide. Shortly after, Ryan Coogler’s “Sinners” became a lasting hit at the box office, followed by “Final Destination Bloodlines,” “F1 The Movie” (which Warner Bros. distributed), James Gunn’s “Superman,” horror flick “Weapons” and the final installment of “The Conjuring.”

The studio recently released the Paul Thomas Anderson film “One Battle After Another,” which stars Leonardo DiCaprio, that is generating awards buzz and has so far grossed $106 million in global ticket sales.

In a memo to staff Wednesday, Warner Bros. Discovery CEO David Zaslav credited Abdy and De Luca for the improved performance at the box office.

He touted the studio’s “balanced” slate with big blockbusters, films based on established intellectual property, horror movies and original works.

“Mike and Pam’s unwavering leadership and commitment to this business has been critical to our success this year,” he wrote. “We have a lot to be grateful for and much to celebrate including several of this year’s best reviewed movies, many of which have pierced the culture zeitgeist in profound ways while also delighting moviegoers around the world.”

Warner Bros. recently surpassed $4 billion at the global box office, the first time it has done so since 2019 and the first studio to reach this mark this year.

“We have the privilege to do this job because of the support and trust [Zaslav] has put in us, and in all of you,” De Luca and Abdy said in an internal note to employees. “We could not be more excited to be leading this team as we introduce an exciting slate of films in the coming years and continue making every film experience an event worthy of the Warner Bros. shield.”