Netflix strikes movie deal with Weinstein Co.

Feb 21, 2012

(AP) -- Netflix has locked up the right to show "The Artist" and other movies from The Weinstein Co. on its Internet video service before the films are released to the leading pay-TV channels.

The multiyear deal announced Tuesday stocks Netflix with more artillery in its home entertainment battle versus premium cable channels, such as HBO and Showtime, and Internet video services provided by Amazon.com Inc. and Wal-Mart Stores Inc. . CEO Reed Hastings has identified .'s HBO as his company's biggest rival during the next decade.

Netflix sells an $8 monthly service that beams video to TVs and other devices with high-speed Internet connections. HBO also offers an Internet-streaming version of its service, but it's only available to consumers who pay for the cable-TV channel.

Getting the streaming rights to fare such as "The Artist," which is nominated for 10 Academy Awards, also may help Netflix keep its subscribers happy as other popular selections disappear from the service's video library. Netflix will lose the rights to stream many movies from . and other studios when a three-year licensing deal with the Starz Entertainment channel expires next week.

Netflix, which is based in Los Gatos, Calif., says it currently has more than 23 million Internet streaming subscribers in the U.S. and more than 40 other countries. The company also offers a DVD-by-mail rental service that has been losing millions of customers in recent months as Netflix has intensified its focus on the .

The Weinstein agreement will give Netflix some films within a year of their release in . Besides "The Artist," the deal covers foreign-language movies, documentaries and other films in the Weinstein vault. Financial terms weren't disclosed.

Netflix shares fell $2.35, or 1.9 percent, to $119.50 in Tuesday's afternoon trading.

Explore further: HP revenue inches up after years of decline

not rated yet
add to favorites email to friend print save as pdf

Related Stories

HBO stops selling DVDs to Netflix

Jan 05, 2012

(AP) -- HBO fired a shot across Netflix's bow this week, confirming it will no longer sell discounted DVDs of hit shows like "Boardwalk Empire" to the subscription video service.

Netflix video 'king' of US Internet traffic: study

May 17, 2011

Films and television shows streamed online by Netflix amount to nearly 30 percent of the content racing downstream on the US Internet during peak periods, according to a study released Tuesday.

Recommended for you

Ticketfly buying WillCall for on-premise data

11 hours ago

Ticketfly Inc., a San Francisco-based technology company among several posing a challenge to Ticketmaster, is acquiring WillCall Inc., a crosstown rival that turns your smartphone into a mobile wallet at live events.

HP revenue inches up after years of decline

Aug 20, 2014

Hewlett-Packard on Wednesday reported that its quarterly revenue rose for the first time in three years, nudged by improved computer sales everywhere except Russia and China.

Restaurants experimenting with pay-in-advance tickets

Aug 20, 2014

With restaurant patrons increasingly jumping on the Internet to make reservations, some high-end eateries here and across the country are adding a new tech wrinkle: having their clientele pay for their meal in advance using ...

Chip maker Infineon to buy California firm for $3B (Update)

Aug 20, 2014

German chip maker Infineon Technologies AG says it has agreed to pay $3 billion in cash for California-based semiconductor firm International Rectifier, which produces power-management components used in everything from cars ...

User comments : 0