Imax is well positioned into 2026, says Wedbush's Alicia Reese
Speakers
Alicia Reese
— SVP of Equity Research, Wedbush
Summary
Wedbush Senior Analyst Alicia Reese discusses the 2026 box office outlook on CNBC, noting a strong film slate and family film momentum but investor caution around the Netflix-Warner Bros deal. She says IMAX is well positioned into 2026, Disney had its best post-pandemic year, and Netflix's interest in Warner Bros is not concerning because of theatrical and streaming value. She also outlines the Warner Bros Discovery shareholder decision, with Paramount facing CFIUS review and Netflix facing domestic regulatory scrutiny.
- 2026 box office has a good movie slate but deal overhang keeps investors wary.
- Family films and kids-focused franchises are increasingly important for theatrical success.
- Disney had its best year since the pandemic, with family franchises and originals reviving.
- IMAX is seen as well positioned into 2026 despite box office uncertainty.
- Netflix's potential Warner Bros deal is not concerning to Reese, who sees theatrical and streaming value.
- Warner Bros Discovery shareholders face a choice between Paramount and Netflix bids with different regulatory risks.
- Paramount's bid may be more certain but faces CFIUS pushback; Netflix's review is more domestic.
- Holiday quarter misses like Avatar and Wicked weighed on recent box office performance.
Ideas
IMAX well positioned for 2026 slate.
Despite investor wariness around the Netflix-Warner deal overhang and holiday box office misses, Alicia sees a strong 2026 film slate and highlights, and believes IMAX is well positioned into 2026.
Disney's family film revival supports 2026.
Disney had its best year since the pandemic, and family film franchises and originals are coming back to life, with more family films slated for 2026 as studios recognize their importance.
WBD bidders face differing regulatory paths.
Warner Bros Discovery shareholders face a near-term decision; Paramount is viewed as a sure deal but could face CFIUS regulatory pushback that may take as long as the Netflix deal review, while Netflix's path is more domestic and not necessarily a customer competitive concern.
Netflix deal sees theatrical, streaming value.
Netflix's interest in Warner Bros is not concerning; Netflix sees value in theatrical and can do more with the Warner Bros studio across theatrical and streaming, suggesting strategic gains from the deal.
