Netflix (NASDAQ: NFLX [FREE Stock Trend Analysis]) announced Tuesday that it has signed a deal with Disney (NYSE: DIS), which grants it the rights as exclusive distributor of Disney movies after their first run in theaters.
The deal will begin in 2016. The company outbid pay-TV channels for the rights. Currently, Starz holds the rights to Disney movies under a deal that expires in 2015.
Terms of the transaction were not disclosed, but Netflix Chief Content Officer Ted Sarandos called the deal “a bold leap forward for Internet television." Disney -ABC Domestic Television president Janice Marinelli called the deal “cutting edge.”
At last check, Netflix shares were trading up around nine percent to $83.15. Disney's shares were flat on the session.
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