Bloomberg Talks — Warner Bros. Motion Picture Group Co-CEOs Pamela Abdy & Michael De Luca at Bloomberg Screentime

Date: October 9, 2025
Host: Bloomberg
Guests: Pamela Abdy & Michael De Luca, Co-CEOs of Warner Bros. Motion Picture Group

Overview

This episode features an in-depth conversation with Pamela Abdy and Michael De Luca, the co-CEOs of Warner Bros. Motion Picture Group, recorded live at Bloomberg Screentime. The discussion delves into the current and future state of the movie business, Warner Bros.’ content and talent strategies, the economics of film production, adapting to industry disruptions, and the enduring value of theatrical releases. The candid tone, anecdotes, and industry insight paint a vivid picture of what it takes to lead a legendary film studio in a time of flux and opportunity.

Key Discussion Points & Insights

The State of the Movie Business and Warner Bros.' Approach

• Output Rebound and Market Health (01:06)

  • Abdy describes increasing Warner Bros.’ yearly output from just 4–6 movies before their arrival, to 12 in the current year and aiming for 18.
  • The studio has reached $4 billion in global gross, back to pre-pandemic levels despite releasing fewer films than in 2019.
  • Quote:
    "We did it on nine less movies than 2019... Which I think shows that there's a robust theatrical audience just waiting for more movies to get made." — Michael De Luca (01:24)

• Film Production Costs and Budgets (02:02)

  • Rising costs are noted, but Abdy stresses the importance of balancing the slate and tailoring budgets to each project.
  • Quote:
    "It's really about balancing the slate... It's based on the vision of the filmmaker." — Pamela Abdy (02:23)

Behind the Greenlight: Risk-Taking and Originality

• Backing Ambitious Projects (03:17)

  • De Luca explains funding Paul Thomas Anderson's "One Battle After Another" as a calculated but passionate investment based on script quality and the filmmaker’s vision.
  • Quote:
    "If it's a bold, provocative swing, our DNA is to lean in and give it a shot... It just read like a masterpiece." — Michael De Luca (03:40)

• Commercial Prospects vs. Artistic Pride (04:43)

  • De Luca admits they "can’t divorce" pride from commercial hopes, positioning Warner Bros. as a home for original visionaries.

Warner Bros. Strategy and Leadership Stability

• Leadership & Support (05:10, 05:40, 06:21)
  • Abdy and De Luca highlight collaborative strategy meetings with David Zaslav (CEO, Warner Bros. Discovery) and express his ongoing support despite rumors of leadership changes.
  • Quote:
    "David was completely supportive of every film and of Mike and I and the choices we made." — Pamela Abdy (05:56)

Adaptations and Franchise Thinking

• Success with Video Game Adaptations (06:38)

  • "Minecraft" signifies a breakthrough for game-to-movie adaptations. De Luca credits the right talent and writer-director pairings, rather than chasing trends.
  • Quote:
    "We look at adapting from a video game the way you look at adapting from a book or a play... it’s about the right filmmaker." — Michael De Luca (06:59)

• Innovation in Horror and Franchises (12:36)

  • Their horror output — particularly reviving "Final Destination" and "The Conjuring" — worked due to fresh creative approaches and a “talent-first” ethos.
  • Quote:
    "We always try to... innovate within the genre or innovate within the franchise.... None of them were phoned in." — Michael De Luca (13:42)

Spotlight on Talent & Filmmaking

• Celebrating Directors and Unique Deals (08:41, 09:50)

  • Ryan Coogler, described as “all heart,” sets himself apart through technical and emotional connection with audiences.
  • The unusual 25-year ownership deal for Coogler's "Sinners" sparked industry conversation.

• Scripts and Development Discipline (15:07)

  • De Luca warns that ballooning budgets come from weak scripts and excessive rewrites.
  • Quote:
    "If you can really be disciplined about locking that script before greenlight... you can maintain some cost controls." — Michael De Luca (15:07)

Streaming vs. Theatrical Releases

• Theatrical Release Advocacy (20:14)

  • Both leaders say they are unlikely to work for a company that doesn’t prioritize theatrical releases:
  • Quote:
    "I don’t think I want to be around movies unless they’re going to movie theaters." — Michael De Luca (20:14) "There’s nothing like sitting in a theater and laughing and crying... experiencing something communally." — Pamela Abdy (20:45)

• Competing with Streamers (19:31)

  • Abdy attributes some project wins to the theatrical-first approach, highlighting filmmaker preference for big-screen debuts.

Industry Disruption and Warner Bros. Spin-off

• Corporate Change and Culture (16:30)

  • Warner Bros. is splitting into two entities. Despite industry speculation and change, morale is high, and leadership remains focused.
  • Quote:
    "Morale is pretty high... the team has clicked, almost like a tribe or a family." — Michael De Luca (16:50)

• Start-up Energy and Transformation (17:22)

  • Abdy speaks to a culture that feels both classic and nimble, referencing "adapt or die"–style thinking inspired by "Moneyball."
  • Quote:
    "Even though it’s an over 100-year-old company, we all approach it with, like, startup energy." — Pamela Abdy (17:40) "The company has been battle tested and has been challenging assumptions for two years." — Michael De Luca (18:00)

Quick Takes and Pop Culture Questions

• Young Movie Stars (21:14)

  • Timothée Chalamet, Zendaya, Florence Pugh, and Harris Dickinson highlighted as today's breakout talents.
  • Quote:
    "I think young moviegoers want to create their own movie stars." — Michael De Luca (21:19)

• Comic Book & Superhero Movies (21:28)

  • De Luca pushes back against “superhero fatigue,” saying only mediocre movies—not the genre—are in decline.
  • Quote:
    "I don’t think there’s superhero fatigue. I think there’s mediocre movie fatigue." — Michael De Luca (21:44)
  • He cites "Superman" (Donner, 1978) as his formative comic book movie experience.

• Theatrical Comedy & Underrated Films (23:04, 23:45)

  • New comedies like the Jonah Hill/Kristen Wiig project are in the works, and the team hopes for robust theatrical comedy returns.
  • De Luca laments "Cyrano" (MGM, Joe Wright) as an underappreciated recent film.

• Movies’ Centrality to Culture (24:01)

  • Both maintain that movies can still pierce culture, though it’s harder than in decades past.
  • Quote:
    "I think it’s a public health service we provide because it’s not a business." — Michael De Luca (24:46) "They’re empathy machines... when you get off your couch... you feel connected." — Michael De Luca (24:55)

Notable Quotes & Memorable Moments

• On Original Films:

  • "It’s where Warner Brothers wants to be — bringing audiences who are starved for originality, new masterpieces." — Michael De Luca (03:40)

• On the Value of Theatrical Releases:

  • "There’s nothing like sitting in a theater and laughing and crying and just experiencing something communally." — Pamela Abdy (20:45)

• On Franchises:

  • "Audiences, I think, can tell when something is not prefabricated or phoned in... we were able to innovate within the genre." — Michael De Luca (13:42)

• On Industry Change:

  • "Challenge all assumptions. The business has to transform, it has to adapt to the moment we’re in." — Michael De Luca (18:00)

• On Movies and Empathy:

  • "They’re empathy machines... when you go into a theater... you feel connected. And that’s a good thing." — Michael De Luca (24:55)

Important Segment Timestamps

• Movie Output, Industry State — 01:06
• Film Budgets and Greenlight Process — 02:02, 03:17
• Paul Thomas Anderson’s Movie, Risk and Reward — 03:17–04:43
• Talent-First Approach, Filmmaker Strategy — 05:10–06:21
• Adapting Video Games, “Minecraft” Success — 06:38
• Horror Lives: “Final Destination,” “Conjuring,” Innovation — 12:36–15:07
• Streaming vs. Theatrical — Filmmaker Preferences — 19:31–20:45
• Young Movie Stars, Comic Book Genres, Comedy’s Future — 21:14–23:08
• Movies & Culture, Empathy Machines — 24:01–24:55

Final Takeaway

Abdy and De Luca, as passionate cinephiles and pragmatic executives, articulate a clear vision: originality, discipline in development, and a commitment to the big screen will keep movies central to culture, even as the business and technology transform. Their tenure at Warner Bros. is defined by resilient optimism, innovative thinking, and a faith that great stories, delivered at scale, will always find their audience.