Netflix to announce “blockbuster” deal with Pinewood Group
Streaming video on demand (SVOD) market leader Netflix is due to make an announcement later today over what has been reported by Sky News as a “blockbuster” deal with the Pinewood Group. The Pinewood Group is the owner of world famous Shepperton Studios in the UK, where a number of smash hits have been made over the years (recent sequels Mary Poppins Returns and Mamma Mia! Here We Go Again, from Disney and Universal Pictures, respectively, are examples). According to Sky, Netflix will agree to rent “the majority” of Shepperton’s existing capacity for a significant length of time.
Netflix’s share price has increased by 49% so far this year
Source: Yahoo Finance
Citing anonymous sources on Wednesday, Sky says that today’s deal will be “hailed as a major boost” for the UK’s entertainment industry, bringing one of the world’s biggest and best content creators to one of the world’s most iconic film studios. They described Netflix as using this deal to “establish a long-term base” in Britain. Sky anticipates the deal will be for “more than six months”. Sky claims to not have access to financial terms of the deal, and said it was unlikely to be disclosed to the public.
This is yet another move by Netflix towards muscling in on Hollywood’s turf. The company spends many billions of dollars on original content every year, and has produced hits like Birdbox, Roma, and Always Be My Maybe, featuring big names like Will Smith, Sandra Bullock, Natalie Portman, Brandon Chan, and more.
Netflix has long backed Shepperton, which will soon be increased in size to rival sister-studio (and home of the James Bond and Star Wars franchises) Pinewood Studios. The company has declined a request for comment.
Dominion holds Netflix in its Global Trends Ecommerce Fund.
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