Steven Spielberg's Amblin Partners Inks A Deal With Netflix

(RTTNews) - Steven Spielberg's production company Amblin Partners has inked a deal with Netflix Inc. (NFLX). The deal between Amblin Partners and Netflix will cover multiple new feature films per year.

Spielberg is one of the most commercially successful directors in history of Hollywood. He has won the Best Director award two times at the Academy Awards. He is a household name by directing blockbusters like Jaws, Close Encounters of the Third Kind, E.T. the Extra-Terrestrial, the Indiana Jones series and Jurassic Park. Netflix reaching a partnership deal with him is a significant achievement for the streaming giant.

Spielberg, Chairman of Amblin Partners, said, "At Amblin, storytelling will forever be at the center of everything we do, and from the minute Ted and I started discussing a partnership, it was abundantly clear that we had an amazing opportunity to tell new stories together and reach audiences in new ways."

Spielberg also noted that he and Amblin are excited to work with Netflix and at the same time will continue to work with longtime partners like Universal Pictures. Financial details of the deal were not disclosed. Netflix and Amblin also did not reveal if Spielberg would direct any films for Netflix.

The deal also shows the changing dynamics in the Hollywood, were streaming services have now started to become big players in the industry. Traditional movie studios like Disney (DIS) and WarnerMedia have launched their streaming apps.

Ted Sarandos, Netflix Co-CEO and Chief Content Officer, commented: "Steven is a creative visionary and leader and, like so many others around the world, my growing up was shaped by his memorable characters and stories that have been enduring, inspiring and awakening. We cannot wait to get to work with the Amblin team and we are honored and thrilled to be part of this chapter of Steven's cinematic history."

NFLX is currently trading at $499.50, up $2.50 or 0.50%, on the Nasdaq.