Shares in Sony Group 6758,
closed up 2.77% after subsidiary Sony Group Pictures signed a landmark deal with streaming giant Netflix NFLX,
Thursday night’s announcement will see a host of films including “Spider-Man,” “Morbius,” which is a Marvel movie, and actor Brad Pitt’s “Bullet Train” airing on Netflix in the United States as soon as the movies will have finished their runs in theaters.
In pre-market trading, shares of Netflix fell $ 2 to $ 552.58.
In a statement, Sony Pictures said, “Netflix and Sony Pictures Entertainment (SPE) have … announced an exclusive multi-year licensing agreement for the first US box office for SPE theatrical feature films at from their 2022 movie list.
“This new agreement builds on Netflix’s pre-existing production agreement with Sony Pictures animated films to now include all SPE film labels and genres.”
As part of the partnership, Sony will give Netflix a first look at any movies it intends to make directly for streaming or later decides to license for streaming, and Netflix has committed to make a number of these films over the course of the deal.
The companies have not disclosed how much the deal will boost them financially. The fees Netflix pays will be determined by the number of movies released and their success in theaters.
Scott Stuber, Head of Global Films at Netflix, said: “Sony Pictures is a great partner and we are delighted to expand our relationship with this forward-thinking agreement. This not only allows us to bring their impressive list of beloved movie franchises and new IPs. [intellectual property] to Netflix in the United States, but it is also a new source of first-run movies for Netflix moviegoers around the world. “