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Shares in Sony Group
6758,
closed up 2.77% after subsidiary Sony Group Pictures signed a landmark deal with streaming giant Netflix
NFLX,
The announcement made late on Thursday will see a host of films such as “Spider-Man,” “Morbius,” which is a Marvel film, and actor Brad Pitt’s “Bullet Train” streamed on Netflix in the U.S. as soon as the movies have finished their runs in theaters.
In premarket trading, shares in Netflix were down $2 to $552.58.
In a statement, Sony Pictures said: “Netflix and Sony Pictures Entertainment (SPE) have…announced a multiyear, exclusive first pay window licensing deal in the U.S. for theatrically released SPE feature films, beginning with their 2022 film slate.
“This new agreement builds upon Netflix’s pre-existing output deal with Sony Pictures Animation films to now include all SPE film labels and genres.”
As part of the partnership, Sony will offer Netflix a first look at any films it intends to make directly for streaming or decides later to license for streaming, and Netflix has committed to make a number of those films over the course of the deal.
The companies haven’t revealed how much the deal will boost them financially. The fees Netflix will pay will be determined by how many movies are released and their success in movie theaters.
Scott Stuber, head of global films at Netflix, said: “Sony Pictures is a great partner and we are thrilled to expand our relationship through this forward-thinking agreement. This not only allows us to bring their impressive slate of beloved film franchises and new IP [intellectual property] to Netflix in the U.S., but it also establishes a new source of first run films for Netflix movie lovers worldwide.”
