In the latest Hollywood movie bidding war, the battle between a theatrical and a streaming release could not have been more stark.

And in this case, theaters won out.

The project is an adaptation of Emily Brontë’s “Wuthering Heights,” seen through the warped mind of Emerald Fennell, the writer and director whose previous projects, “Promising Young Woman” and last year’s “Saltburn,” were viral, transgressive hits. The film will star Margot Robbie as Catherine Earnshaw and Jacob Elordi from “Saltburn” as the rageful Heathcliff. Based on Fennell’s past work, the R-rated film promises to be sexy, gothic and excessively modern.

Netflix was willing to pay $150 million to have it.

But Robbie, who is producing the film with her husband, Tom Ackerley, and their business partner Josey McNamara, wanted to maintain her track record of making movies for traditional studios that put them into theaters. Think “Barbie 2.0” with less pink and much more sex.

Robbie’s company and its partner, MRC, an independent studio, have instead been won over by Warner Bros., the studio said on Thursday. The company offered them around $80 million plus a significant marketing commitment, according to a person with knowledge of the decision. (It helps that her company, LuckyChap, also has a multiyear first-look deal with the studio.)

“From the moment we were introduced to Emerald’s vision for the film, and with an incredible cast led by Margot and Jacob, we were instantly committed to forging a partnership with this team to ensure the movie was brought to theaters around the world,” Michael De Luca and Pam Abdy, co-chairs of Warner Bros. Motion Picture Group, said in a statement.

The decision to go with Warner Bros. is a blow to Netflix. Getting the film would have been viewed as a feather in the cap of the company’s new film chief, Dan Lin.

Yet Lin found himself up against the same restrictions as his predecessor: his boss’s reluctance to take films to theaters to appease filmmakers, most of whom want their films to debut on the big screen before heading to a streaming service.

Ted Sarandos, a co-CEO of Netflix, restated his uninterest in theatrical releases just last week during his earnings call. “I’m just going to reiterate we are in the subscription entertainment business,” he said before adding, “I’m sure that we can continue to pierce the zeitgeist and have those moments in the culture, even when those moments begin on Netflix.”

Robbie is one of the few A-list stars who have not starred in a film released by a streaming service. The actress, who headlined “Barbie” and produced it, has seen her power in Hollywood only rise on the back that film, which was the highest-grossing film of 2023. “Wuthering Heights” will be her next film, and production is set to begin in the first quarter of next year.