Pam Abdy and Sandra Bullock Talk Paramount-Warner Deal and ‘Practical Magic 2’

Warner Bros. film chief and Oscar winner discuss studio stability, franchise revival, and the evolving economics of Hollywood at CNBC Changemakers Summit in Manhattan.

Warner Bros. Motion Picture Group co-chair and CEO Pam Abdy and Oscar-winning actress and producer Sandra Bullock offered one of the most candid updates yet on Practical Magic 2 during the CNBC Changemakers Summit in New York City on Thursday, framing the sequel as both a creative reunion and a case study in modern studio filmmaking strategy amid industry consolidation.

Speaking on stage, Abdy emphasized that Warner Bros. is continuing to operate at full creative capacity even as the Paramount-Warner Bros. Discovery deal moves through regulatory review, stressing that long-term development remains a core part of the studio’s approach.

“As a leader, I have a job to do every day,” Abdy said. “We’re finishing up [our] ’26 slate, getting all the marketing campaigns ready. We have our entire ’27 slate that’s already locked and loaded, shooting, and we’re planning now. Mike and I are greenlighting movies for ’28 and ’29 right now.”

Her comments underscored the studio’s commitment to continuity, even as ownership uncertainty looms. “There’s nothing to do today other than do our job,” she added. “My job and Mike’s job, we are responsible for showing up, keeping everybody motivated, excited, passionate to help build slates.”

Sandra Bullock, who stars in and produces Practical Magic 2, framed the sequel as a project that came together only after a long period of hesitation and creative reconsideration. Reflecting on the original 1998 film and its evolving cultural footprint, she said she initially resisted returning to the material.

“I said, ‘It’s not the right time,’” Bullock recalled. “And then I called Denise Di Novi… and I said, ‘I have an idea about what I think Practical Magic 2 should be.’ And when I told her everything, she goes, ‘That’s already in the second book.’”

Bullock explained that alignment with Alice Hoffman’s source material helped solidify her decision to move forward, adding that the timing felt creatively inevitable rather than strategic.

Abdy described the project as a long-developing priority for the studio, pointing to the way the original film has continued to grow in cultural relevance over time despite its initial box office performance.

“The film was ahead of its time when it came out,” Abdy said. “Movies last for generations, and this particular film has grown over the years. It’s generational, mothers and daughters.”

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She also pointed to the film’s second life on streaming platforms and social media as a key factor in reviving the franchise. “There’s midnight margarita parties. People are doing bridal showers dressed as the Owens sisters. People are getting dressed up every Halloween,” she said. “It’s one of our number one films every Halloween on HBO Max, where our movies have another life after theatrical.”

Bullock echoed the importance of timing and audience connection, tying the decision to return to the franchise to both personal and creative instinct.

“I’m a true believer in timing is there for a reason,” she said. “It wasn’t right. It wasn’t right. It wasn’t right. I had still had a bad taste in my mouth from an experience. And then one day I said, if we could say this, and the characters could be this… that’s what Alice Hoffman wrote.”

Abdy also highlighted the production strategy behind the sequel, noting that international incentives helped shape the shoot and allowed the creative vision to be executed within budget constraints.

“We shot in London, where the tax incentives were so great for the film,” Bullock said. “We could make the film emotionally and visually that we wanted to make for a price that Warner Bros. could afford.”

The conversation also touched on broader themes of leadership and studio culture, with Abdy emphasizing transparency and communication as central to her approach at Warner Bros.

“I have developed a style for myself where I just feel like the only way to lead is to be honest, to be transparent, to give quick answers,” she said. “The faster I can get with the talent and the team and tell them what is expected, the better they can do their best work.”

Bullock, in turn, praised Abdy’s leadership style, describing it as direct and creatively empowering. “She’s honest. She’s an Italian pit bull,” Bullock said. “There’s no politicking with you. It is transparent, honest and clear so everyone can do their best job.”

The discussion also highlighted the pair’s working relationship during production, including the logistical realities of balancing filmmaking with family life. Bullock described informal communication rhythms during production, including early morning and school-run check-ins, as part of a collaborative process designed to keep the project moving efficiently.

Abdy emphasized that such flexibility reflects a broader shift in how productions accommodate personal realities while maintaining creative output. “It’s OK to say what you need,” she said. “If everyone works together and everyone can be honest about what their needs are, we can try to accommodate everyone’s needs.”

Both also addressed how Practical Magic 2 fits into Warner Bros.’ broader strategy of revisiting legacy intellectual property with strong built-in audiences. Abdy cited the original film’s continued cultural presence as evidence of its long-term value.

“Because of social media and because of the way people can start to find different kinds of stories, people start trading ideas about Practical Magic,” she said. “We started to see trends. It’s one of our number one films that goes to the top of the list every Halloween.”

Bullock added that the sequel’s emotional core is rooted in themes of sisterhood, generational responsibility, and truth. “This movie is about sisterhood. It’s about being there for the next generation. It’s about truth,” Abdy said. “It has never been more urgent than to tell this kind of story about community and family.”

The film, which reunites Bullock with Nicole Kidman, is currently in production and is expected to be released in fall 2026 under Warner Bros.