Netflix Signs First-Run Canada Streaming Pact With Paramount
Netflix rose $9.48, or 4.1 percent, to $239.49 at 2:50 p.m. New York time in Nasdaq Stock Market trading. Source: Netflix Inc. via Bloomberg
Netflix Inc. (NFLX), the online and mail- order film rental service, reached an exclusive five-year agreement to stream first-run movies from Viacom Inc.’s Paramount Pictures to subscribers in Canada.
The accord will add more than 350 movies to Netflix’s streaming service in Canada, the Los Gatos, California-based movie-rental company said today in a statement.
The deal gives Netflix exclusive pay TV rights to the films, the companies said. The agreement will add pictures including “The Last Airbender” and “Iron Man 2” to the library of movies and TV shows that Canadian subscribers can watch on computers and Internet-enabled televisions.
Netflix rose $7.31, or 3.2 percent, to $237.32 at 4 p.m. New York time in Nasdaq Stock Market trading. The shares are up 35 percent this year and have risen for six straight days, the best streak since September. Viacom, based in New York, gained 58 cents to $45.48 in New York Stock Exchange composite trading.
Netflix is in talks for online access to the 700-movie library of Miramax, including “Pulp Fiction” and “Good Will Hunting,” the Wall Street Journal reported on March 25. Steve Swasey, a Netflix spokesman, declined comment.
The premium cable networks Starz and CBS Corp. (CBS)’s Showtime last week moved to re-evaluate or delay Netflix online access to the channels’ original shows. Showtime may curb access to past seasons of current programs, according to a statement.
Starz, part of Liberty Media Corp., will impose a 90-day delay on online viewing of episodes of new original series, beginning with the April 1 cable television debut of the drama “Camelot,” the company said in an e-mailed statement. The channel had made its shows available on Netflix after they aired on the network.
To contact the reporter on this story: Clifford Edwards in San Francisco at cedwards28@bloomberg.net
To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net
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