Netflix Buys Global Streaming Rights To 'Seinfeld'

(RTTNews) - Streaming giant Netflix Inc. (NFLX), has acquired global streaming rights to hit sitcom "Seinfeld."

According to LA Times, Netflix and Sony Pictures Television, which controls the distribution of "Seinfeld," agreed to a deal, which allows Netflix to hold the global streaming rights to "Seinfeld" for five years starting in 2021.

The show currently steams only on Hulu in the U.S. and on Amazon Prime internationally. Netflix's contract will commence once Hulu's contract ends with Sony in June 2021. Netflix will offer all 180 episodes of "Seinfeld" in the U.S. and internationally.

"'Seinfeld' is a one-of-a-kind, iconic, culture-defining show," Sony Pictures Television Chairman Mike Hopkins said in a statement to the Los Angeles Times. "Now, 30 years after its premiere, 'Seinfeld' remains center stage. We're thrilled to be partnering with Netflix to bring this beloved series to current fans and new audiences around the globe."

Terms of the transaction were not disclosed. However, the report says suggests that Netflix might have paid more than the $500 million NBCUniversal paid for "The Office," and the $425 million WarnerMedia spent for "Friends."

Netflix had previously lost two of its biggest licensed series-- "Friends" and "The Office" in the streaming war. Walt Disney (DIS) also pulled its content from Netflix as the entertainment giant launches its own streaming service Disney+ service later this year.