Netflix pulls out of Cannes Film Festival 

Online streaming giant Netflix has pulled out of the 71^st Cannes Film Festival due to a new rule that the fest won't entertain in its competition section any film that didn't have a theatrical run.

Netflix officials, however, hope the Cannes movie jamboree reconsiders its decision. The company's chief content officer Ted Sarandos says, "We want our films to be treated fairly. There's a risk in having our films and filmmakers treated disrespectfully at the festival. They have set the tone. I don't think it would be good for us to be there."

Last year, Netflix brought Okja and The Meyerowitz Stories, which led to protests from French cinema owners. French law states that films cannot be available on home platforms for 36 months after being shown in cinemas. This would directly conflict with Netflix's day-on-date release for their films.

This year, Thierry Fremaux, the festival's artistic director, imposed a ban on films competing for the main prizes without a theatrical release. 

Sarandos calls the decision "completely contrary to the spirit of any film festival in the world."

The Cannes Film Festival will be held from May 8 to 19.