Entertainment colossus Netflix on Thursday reported a landmark global licensing deal with Sony Pictures Entertainment (SPE) to extend movie rights on the online content platform once released in theaters.
“Under this exclusive multi-year agreement, SPE’s films will stream on Netflix worldwide – an industry first for subscription pay-per-view – following their full theatrical and home entertainment release, Netflix said in a statement.
The new agreement will be phased in later this year and will also grant Netflix the rights license to select feature film titles and television libraries from SPE.
Netflix currently holds the paid-for rights to SPE titles in selected territories, such as the United States, Germany and Southeast Asia.
“This new single-pay agreement takes that collaboration to the next level and reinforces the enduring appeal of our theatrical releases to Netflix’s global audience,” said Paul Littmann, executive vice president, Global Distribution, Sony Pictures Television, for his part.
Some of SPE’s first feature film titles to stream on Netflix as part of the new deal include ‘The Nightingale,’ starring sisters Dakota and Elle Fanning; ‘The Legend of Zelda,’ Nintendo’s live-action adaptation; as well as the ambitious Beatles film saga, directed by Sam Mendes.
The deal comes in the context of the fight to merge with Warner Bros. in a deal worth $82.7 billion in a combination of cash, equity and debt.
This transfer sparked a wave of criticism, reported Agencia EFE, as well as a reaction from rival Paramount, which launched a hostile takeover bid on December 8 for US$108.4 billion.
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