Deadline reports that Universal Pictures and Warner Bros. Pictures are partnering on a ten-year joint venture centering on their home entertainment divisions. Additionally, both studios will apparently license each other’s disc products in select offshore territories.
According to the report, the new joint venture will distribute Blu-ray, DVD and 4K UHD for new releases, library titles and television content in the U.S. and Canada and combine sales, retail marketing and distribution operations for both studios.
The announcement was made by Peter Levinsohn, President and Chief Distribution Officer, Universal Filmed Entertainment Group, and Ron Sanders, President, Worldwide Theatrical Distribution & Home Entertainment and EVP, International Business Operations for Warner Bros.
While streaming drove 63% of 2019’s $25 billion home entertainment revenues, the demand for physical disc media remains strong, having earned $5.9B per a Digital Entertainment Group recent report.