As Paramount nears its blockbuster deal with Warner Bros. Discovery, Warners’ film team doesn’t let uncertainty change the way they do their work, according to co-chairman and CEO Pam Abdi.
He spoke at a CNBC Changemakers event in lower Manhattan on Thursday alongside Practical magic 2 Star and producer Sandra Bullock said she and co-CEO Mike De Luca have already greenlighted projects that won’t debut until 2028 and 2029, and are working to keep staff at the studio engaged.
“As a leader, I have a job to do every day,” Abdi said. “I have people who are motivated and have a lot of work to do.” “So the entire ’26’ slate is about to come out. We’ve finished that, getting all the marketing campaigns ready. We’ve got the whole ’27’ slate already locked and uploaded, and we’re shooting, and we’re planning now. Mike and I are greenlighting films for ’28 and ’29 now. Like everything, we’ll have to see what happens. It’s in the regulatory process. There’s nothing to do today but do our job. And Mike and I are in the business. We’re responsible for Showing up, keeping everyone excited, excited, excited to help build the rosters, making sure that they have everything – they have all the resources that they need to market these movies and to make these movies, and that’s what I do every day.
“Warner Bros. increased their value once this team stepped in,” Bullock said when moderator Julia Boorstin asked about the deal. “So I feel like they’re responsible for such a big deal that may or may not happen. I think the value is there because of the content.”
This content will include a follow-up to the 1998 film, which will reunite Bullock with star Nicole Kidman.
Bullock revealed that she resisted several attempts to produce a sequel, until she had an idea of what the second film could be.
“Pam and Mike reached out and said, ‘Look, we really want to make Practical magic 2.’ “I said, ‘This is not the right time,’ and then I called our producing partner Denise Di Novi. “We produced the first part together. I said: I have an idea what I think Practical magic 2 It should be and what can we say. When I told her everything, she said, “This is already in the second book.” [by author Alice Hoffman].’ That’s what got me excited.
Abdi said that although the first film was not considered a success at the box office (it earned $68 million on a $75 million budget), Warner has learned how the film has found a second life thanks to streaming and online audiences.
“Movies last for generations, and this particular film has grown over the years. It’s generations, mothers and daughters,” Abdi said. “Because of social media, because of the way people can start finding different types of stories, people start to bounce ideas around.” Practical magic. There are margarita parties at midnight. People do their weddings dressed as the Owens sisters. People dress up every Halloween. It’s one of our first films to top the charts every Halloween on HBO Max, where our films have an afterlife beyond theatrical release. So there were a lot of different elements.”
But the realities of today’s Hollywood economics also played a role, Bullock acknowledged.
“Because of the schedule, and it benefited the film, we shot in London, where the tax incentives were very great for the film,” Bullock said. “We could make the emotional and visual movie we wanted to make at a price that Warner Bros. could afford.”
“I think we were meant to come into each other’s lives at this time,” Abdi said of Bullock and the film. “I love this movie. This movie is about brotherhood. This movie is about being there for the next generation. This movie is about the truth. It’s about when sometimes you lie to protect people, and it may not be the right way and then you have to go the right way. The movie is very rich in its theme, and I think it’s never been more urgent to tell this kind of story about community, about family, about brotherhood than the times we live in.”
But Bullock also celebrated Abdi, who was named to CNBC’s list of changemakers.
“She’s honest. She’s an Italian bull,” Bullock said of Abdi. “There’s no political manipulation with you. It’s transparent, honest and clear so everyone can do their best work. If she says, “We need to cut a certain amount of dollars,” that’s not superfluous. We go, it’s telling us because we need to cut it down in order to stay on track. You know exactly where it came from. And honesty these days is very hard to come by. And they were honest in the room. “I felt creative and excited again.”
“I have developed a style for myself where I feel the only way to lead is to be honest, to be transparent, and to give quick answers,” Abdi said. “I’m not able to deliver good news all the time. In fact, most of the time, I’m delivering tough news. But I think the quicker I can communicate with the talent, with our team, with the leaders of all our different departments and tell them what’s expected, what we need, how we need to get something done, and the more transparent I can be, the better. Because they can’t do their best work if I’m not honest.”
