To clarify, Epix is owned by Paramount, Lionsgate, and MGM. Their movies from before 1986 will shift over from Netflix to the new streaming service, Warner Archive Instant.
On the bright side, Netflix will receive 500 more movies, which will somewhat counter the loss. It’s business as usual; deals expire and new deals are made.
It’s a little worrisome. The choices of streaming services is slowly growing. Yes, competition is good, but in this case, it means libraries of movies will splinter off to different providers. It ultimately means every streaming service will have smaller libraries but the prices will remain.