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"This really speaks to our belief in the future of the theatrical film business," he said.

Revenue for content sales and licensing, which includes theatrical film distribution, as well as sales and licensing of TV and film content, was up 34% to $2.2 billion, compared to $1.6 billion the previous year.

“As the theatrical film business continues to evolve, we remain focused on the growth of WBD’s movie business,” Warner Bros. film studio chiefs Mike De Luca and Pam Abdy wrote in an internal memo Wednesday that explained the moves.

The event marked a defining moment for the newly opened theater: While the COVID-19 pandemic, economic headwinds and changes in the theatrical film model have led to the closure of several popular L.A.-area cinemas, such as Hollywood’s Arclight Cinerama Dome, Westwood’s Regency Village and Fox Bruin theaters and Landmark’s Westside Pavillion location, Esparza is moving in the opposite direction, taking a multimillion-dollar gamble with the opening of Milagro at the Norwalk Town Square shopping mall.

He also wants the theater to serve as a cultural bridge between Hollywood and local Latino creative circles, sending a reminder to the studios that Latino audiences are among the most fervent supporters of theatrical film fare.