Warner Bros

In nineteen forty-eight, the U.S. government broke apart the studios. Warner Bros owned theaters, studios, and stars. The government said this was illegal and forced separation. Warner kept studios and distribution. Warner faced a new problem: it no longer controlled exhibition. It had to negotiate with theaters over box office splits. A film earning ten million meant Warner kept roughly five million. A major Warner film costs one hundred fifty to three hundred million to produce. Marketing adds another one hundred fifty to three hundred million. The film requires five hundred to six hundred million in revenue before breaking even. Domestic box office provides forty percent. International markets provide twenty-five to thirty percent after cuts, plus revenue fragments across streaming, home entertainment, and licensing. A film that loses money in theaters can become profitable later through other channels. In twenty twenty, Warner launched Max, its streaming service.