Netflix closed another deal. The company cemented a multiyear exclusive licensing agreement with The Weinstein Company. This agreement allows Netflix to air films on the streaming services in the U.S. only.
The deal states that Netflix will be allowed to air Weinstein Company and Dimension films exclusively. It will then be able to give the films to its streaming service customers after the films have run in theaters. The deal goes into action in 2016.
According to USA Today, Netflix shares rose almost 3% once news of the deal got around. USA Today also noted that this deal "underscores the streaming company's relentless pace of sewing up deals for sought-after content."
The Wall Street Journal reports that Netflix is still this year's current top S&P 500 performer, stating also that shares were up more than 4% on Tuesday. Netflix shares are currently up more than 190% as of this year to date.
Ted Sarandos, chief content officer for Netflix, told USA Today:
"Harvey and Bob Weinstein are in a class of their own when it comes to choosing and producing the best films in the world…They are as innovative in business as they are creative in their storytelling. We look forward to reinventing the pay TV window with the Weinsteins."
Netflix has previously shown other Weinstein Company films with permission from prior agreements. Weinstein is an independent studio and well-known for its mix of film genres, reported The New York Times
The catalog of films will include such titles as, The Butler and Fruitvale Station. Through the agreement, movies will be available after they've been shown in theaters and after their release on home entertainment media (DVD and Blu-Ray). The NYT mentioned, in addition to this deal, Netflix has agreements with DreamWorks Animation, FilmDistrict, and Open Road Films.
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