Netflix Inks Multi-Year Deal With Sony Pictures

(RTTNews) - Netflix Inc. (NFLX) has inked a multi-year deal with Sony Pictures Entertainment for domestic streaming rights to the studio's theatrical titles.

Starting next year, all Sony Pictures movies will stream exclusively on Netflix after their theatrical and home entertainment releases. As part of the deal, Netflix will also have a first-look option to select movies that the studio is producing for streaming platforms.

Among the initial movies that will land on Netflix include Morbius, Uncharted, Where the Crawdads Sing, and Bullet Train. Future "Spider-Man" movies and other films based on Marvel characters that Sony has the rights will also appear on Netflix.

"Sony Pictures is a great partner and we are thrilled to expand our relationship through this forward-thinking agreement," said Scott Stuber, Head of Global Films at Netflix. "This not only allows us to bring their impressive slate of beloved film franchises and new IP to Netflix in the U.S., but it also establishes a new source of first run films for Netflix movie lovers worldwide."

Financial terms of the five-year deal weren't disclosed.

However, according to WSJ, the deal is worth several hundred million dollars annually and worth nearly $1 billion over the course of the agreement.

The Lions Gate Entertainment Corp. -owned pay-TV channel Starz currently owns rights to Sony movies through the end of this year.