After weeks of negotiation, Netflix has ultimately resigned their five contributions to this year's Cannes Film Festival. Speaking directly with Variety, the company's chief content officer Ted Sarandos has revealed that the company will be withdrawing its titles after being banned from competing for the festival's Palme d'Or award amid regulations that prohibit works not released theatrically from vying for the top prize. 

"We want our films to be on fair ground with every other filmmaker," admits Sarandos. "There’s a risk in us going in this way and having our films and filmmakers treated disrespectfully at the festival. They’ve set the tone. I don’t think it would be good for us to be there."

Cannes artistic director Thierry Frémaux implemented this particularly restrictive rule, but has allowed Netflix to showcase their cinematic productions out of competition. However, the company has ultimately rejected that offer in favour of equality amongst all filmmakers producing work that deserves recognition. 

Last year, Netflix received some flack from festival personnel and the French press after their two films Okja and The Meyerowitz Stories were being considered for the prestigious honour. 

However, representatives for the streaming giant will be in attendance during this year's proceedings who "are in the business of acquiring films, because many films will be there without distribution."