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U.S. markets recover from steep losses
LOS ANGELES, Jan. 7 (UPI) -- U.S. movie production company Warner Bros. said it will double the waiting period for movie rental companies to rent movies after they go on sale.
A source said Netflix would comply with the studio's demand, which would stretch the waiting period to 56 days from 28 days, the Los Angeles Times reported Saturday.
But kiosk-based rental company Redbox and Blockbuster, which is owned by Dish Network, said they would not comply with the new policy.
That meant Redbox and Blockbuster would have to turn to retail stores for copies of Warner Bros. films. While that would allow them quick access to movies, it would greatly increase their expenses, the newspaper said.
Interim Redbox President Gregg Kaplan said in the fall the company would no longer honor a 28-day waiting period. A company spokeswoman said Friday the company had not altered its position.
In 2009 and 2010, Redbox refused to agree to a waiting period demanded by Warner Bros., 20th Century Fox and Universal Pictures. In time, however, Redbox capitulated.
The current contracts between Warner Bros. and Netflix and Redbox expire Feb. 1. The new policy is expected to be formally announced at the Consumer Electronics Show in Las Vegas next week.
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