Hollywood loves a comeback story, but the one playing out in the executive suites at Warner Bros. is weirder than most. About a year ago, the industry was ready to write the professional obituaries of Pam Abdy and Mike De Luca. The "punditry," as De Luca calls it, was brutal. People were calling their leadership a "swirling fiasco."
The reason? A string of expensive swings that didn't just miss—they cratered.
If you follow the box office, you know the name Joker: Folie à Deux. It was the $200 million musical sequel that basically nobody asked for and even fewer people went to see. It grossed roughly $207 million worldwide. For a sequel to a billion-dollar hit, that’s not just a flop; it’s an extinction-level event for a studio head's career. Toss in the baggage of Mickey 17—a film greenlit by the previous regime but managed on their watch—and the vultures were circling.
But fast forward to January 2026, and the vibe has completely flipped.
The $4 Billion Rebound
Honestly, it's kinda wild how fast things change in Burbank. In October 2025, David Zaslav didn't fire them. He did the opposite. He renewed their contracts.
Why? Because the numbers started talking louder than the critics. Warner Bros. became the first studio in 2025 to cross the $4 billion mark at the global box office. They did it with a mix of "safe" IP and the kind of massive, filmmaker-driven risks that Abdy and De Luca have made their trademark.
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- A Minecraft Movie: It nearly hit $1 billion.
- Superman: James Gunn’s reboot cleared $600 million and stabilized the DC brand.
- Sinners: Ryan Coogler’s original vampire flick became a profitable anomaly in a world obsessed with sequels.
- F1: The Apple co-production also zoomed past $600 million.
The strategy here is basically "The De Luca Special." He’s a guy who grew up at New Line Cinema, the house that Freddy Krueger built. He likes movies. Not "content," but movies. He and Abdy have leaned into a "filmmaker-first" philosophy that feels like a throwback to the 70s or 90s.
They gave Ryan Coogler a deal for Sinners that was almost unheard of in the modern era: the rights to the movie actually revert back to Coogler after 25 years. That’s the kind of move that makes agents in this town weep with joy and rival executives grind their teeth.
Standing by the Flops
Most CEOs hide when a movie bombs. They blame the marketing or the release date. But in a recent chat with TheWrap, Pam Abdy and Mike De Luca did something different. They defended Joker 2.
Abdy admitted she still likes the movie. De Luca called it "revisionist." He argued that Todd Phillips did what most people making sequels are too afraid to do: he didn't repeat himself. Sure, it didn't connect with the global mainstream, but they aren't apologizing for the swing.
That "veteran's thick skin," as De Luca puts it, is probably why they're still in the building. You have to be able to eat a $100 million loss on a Tuesday and greenlight a $150 million Paul Thomas Anderson epic on a Wednesday without blinking.
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What’s Actually Happening in 2026?
The "filmmaker-first" experiment is moving into its second phase. The 2026 slate is arguably even more aggressive. You’ve got:
- Wuthering Heights: Emerald Fennell (of Saltburn fame) directing Margot Robbie and Jacob Elordi. It's a big-budget adaptation of a classic that looks nothing like a typical summer blockbuster.
- The Bride!: Maggie Gyllenhaal taking on a noir monster story with Jessie Buckley and Christian Bale.
- Supergirl: The next pillar in the Gunn/Safran DC Universe.
- Dune: Part Three: Denis Villeneuve finishing his trilogy, which is essentially a license to print money at this point.
There’s a clear pattern here. They are betting on names. Not just the names on the poster, but the names behind the camera. They’re trying to turn directors back into the "brands."
The Real Power Dynamic
It's no secret that David Zaslav is a "numbers guy." He’s been under immense pressure to cut costs and pay down debt. Early in 2025, rumors were flying that he was losing patience with the film duo. Some reports even suggested he was looking to promote Peter Safran to run the whole show.
But Abdy and De Luca have a secret weapon: relationships.
When they arrived, the studio was still reeling from "Project Popcorn"—that disastrous 2021 move where everything went to streaming and theaters simultaneously. It pissed off everyone from Christopher Nolan to Denis Villeneuve. Nolan actually left for Universal.
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Abdy and De Luca spent their first two years basically being the "Director Whisperers." They smoothed things over with Legendary Pictures. They brought Coogler into the fold. They kept Villeneuve happy. You can't run a legacy studio like Warner Bros. if the best talent won't take your calls.
Moving Forward: The Moviegoer’s Roadmap
If you're watching the industry to see if this "prestige blockbuster" model actually works, here are the metrics that matter.
- Watch the "Auteur" Budgets: Keep an eye on the price tags for projects like One Battle After Another. If these $150 million dramas don't find a massive audience, the "filmmaker-first" era might see its wings clipped by the finance department.
- DC’s Consistency: Superman was a win, but Supergirl and Clayface need to hold that momentum. A shared universe only works if the "B-tier" characters also draw a crowd.
- The Ownership Model: Look at whether other directors demand the "Coogler Deal." If talent starts owning their masters again, the value of studio libraries changes forever.
Basically, the era of "safe" choices at Warner Bros. is over. Pam Abdy and Mike De Luca have bet the house on the idea that audiences want something specific, something bold, and something that feels like a real movie. It’s a high-stakes game, and so far, they’ve survived the worst of the volatility.
Actionable Insights for Following the Industry:
Keep a close eye on the Thursday night previews for Wuthering Heights in February. It will be the first major test of whether their "star-powered prestige" strategy can carry a non-franchise film to a #1 opening in this new economy. If it clears $40 million on opening weekend, expect every other studio to start hunting for their own "Emerald Fennell" type projects.