Somewhat lost in the shuffle of Netflix‘s $83 billion deal for Warner Bros. is the fact that, as part of the deal, the streaming giant will be getting something that it has never coveted: A basic cable channel.
Of course, it is what that cable channel stands for that matters: It’s Turner Classic Movies.
TCM, as Warner Bros. Discovery CEO David Zaslav found out a couple of years ago, means a lot to some very important people, and a proxy filing from WBD Tuesday confirmed that the channel (at least in the U.S. and Canada) will be going to Netflix when it acquires Warner Bros., even as the rest of its linear channels, from CNN and TNT to Cartoon Network and HGTV, are spun off into Discovery Global.
TCM fanatics, which include Steven Spielberg, Martin Scorsese and Paul Thomas Anderson, will surely be watching to see what Netflix plans to do with the asset.
Netflix is decidedly not in the cable TV business, with co-CEOs Ted Sarandos and Greg Peters making it clear that they were not interested in doing a deal unless the Discovery linear channels were spun out. But TCM is no ordinary cable channel. Technically commercial-free (there are sponsorships), the channel features a curated and themed selection of classic films, as well as conversations with filmmakers and film historians. It also has an annual film festival and other live events throughout the year.
But it was nearly killed by Zaslav back in 2023, when the company parted ways with its general manager Pola Changnon and moved to further integrate the channel with the rest of its linear TV networks (TCM had long been an “island” in the stable, as Changnon told staff in her exit memo).
Sources told The Hollywood Reporter at the time that TCM was ordered to cut its salary budget by two-thirds, with a number of other executives departing.
The move sparked concern from filmmakers, with Scorsese, Anderson and Spielberg hopping on a Zoom with Zaslav to discuss the channel’s future, and committing to contribute to the channel’s work in some capacity.
“Our primary aim is to ensure that TCM’s programming is untouched and protected,” the trio said in a statement. “We are heartened and encouraged by the conversations we’ve had thus far, and we are committed to working together to ensure the continuation of this cultural touchstone that we all treasure.”
While the TCM brand is unlikely to go anywhere (it could become a brand for classic cinema in the streaming service for, example), the Netflix deal will likely once again raise doubts about its future as a standalone cable channel, with Netflix not interested in that business.
That said, Sarandos has been on a global tour to reassure the Hollywood creative community, including promising 45 day theatrical windows for films. If TCM, which is a rounding error for Netflix, matters that much to the Spielberg’s and Scorseses of the world, it may as well keep it running as is (it will also be acquiring HBO’s linear channel in the deal, giving it true pay-TV exposure). And just as Netflix says it plans to keep HBO as a standalone brand, one can imagine a TCM feed living within Netflix too.
And of course Netflix could choose to invest. As it pushes into more live experiences through Netflix House and Netflix Is a Joke, bringing the TCM brand to more live experiences is a logical step.
