Netflix and Amazon Elbow Way Into Talks on Streaming Hollywood Hits
Streaming giants to battle for rights to movies from ‘Spider-Man’ and ‘Fast & Furious’ studios.
Streaming services have already bid up the price of TV reruns, stand-up comedy performances and contracts with top producers. Now they’re coming for blockbuster movies from the studios behind “Fast & Furious” and “Spider-Man.”
Universal Pictures and Sony Pictures have begun negotiating with streaming services and cable networks to license their next round of theatrical movies for home video, starting with films set to be released in 2022. ViacomCBS Inc.’s Paramount Pictures also has movies to sell, though it may wait for one of the other studios to move first.
The deals could generate as much as $250 million per studio annually — and, in some cases, more — according to people familiar with the matter. Amazon.com Inc., Netflix Inc. and Hulu have all expressed interest in the rights, as have HBO and Starz, said the people, who asked not to be identified because the talks are in preliminary stages.