Netflix buys exclusive rights to Weinstein Company movies
Netflix has signed a deal with another major film production company, bagging the streaming rights to every Weinstein Company film from 2016.
The two companies already had a deal which included streaming rights for The Artist, as well other foreign films and documentaries. This new deal augments that arrangement, and includes the output of Dimension Films - a subsidiary of The Weinstein Company (TWC).
Investors welcomed the arrangement, with Netflix's stock surging to a new two-year high of $273.53 before retreating slightly. The shares rose $13.51, or more than 5 per cent, to finish at $273.29 on Tuesday.
The deal means the channel's subscribers can see all TWC's films, beginning with those which hit cinemas in 2016. A similar Netflix agreement with Disney kicks in around then too.
Financial terms of the latest deal weren't disclosed.
Ted Sarandos, Netflix's chief content officer: "We look forward to reinventing the pay TV window with the Weinsteins."
Netflix has been spending heavily to gain exclusive content licensing rights and finance its own original programming - which includes Emmy-nominated political drama House of Cards, and the latest series of Arrested Development.
Netflix CEO Reed Hastings wants to attract 60 million to 90 million US subscribers. Netflix ended June with nearly 30 million subscribers in the US and 7.75 million international customers in 39 other countries.
TWC was launched in 2005 by Bob and Harvey Weinstein, the brothers who founded Miramax Films in 1979. Since then, it has released two films that have won the Best Picture Oscar - The Artist and The King's Speech.
Last year it released Silver Linings Playbook, Killing Them Softly and Django Unchained.
Children's bookseller wins The Independent's new author search
ReviewThese heroes in a half shell should have been left in hibernation
Arts & Ents blogs
- 1 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 2 Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
- 3 Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
- 4 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 5 Paralysed man Darek Fidyka walks again after treatment by British doctors on brink of 'cure'
James Blunt finally admits the truth: 'You're Beautiful' is annoying
Downton Abbey review series 5, episode 5: Period drama falls disappointingly flat
Star Wars Episode 7 has almost finished filming
Fury, film review: Brad Pitt is intriguing as unsympathetic war hero
Batman v Superman: Side-kick Robin to be 'woman played by Jena Malone'
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Jose Manuel Barroso warns David Cameron against making 'historic mistake' over immigration reforms
Worst Airports of 2014: Poll names Islamabad airport in Pakistan worst in the world