U.S. subscribers of Netflix Inc. (NFLX) will get exclusive access to foreign-language, documentary and other movies from the Weinstein Co. under a multiyear licensing agreement announced Tuesday.
Financial terms of the deal weren't disclosed.
Weinstein Co., founded by brothers Bob and Harvey Weinstein in 2005 after they left Miramax Films, has recently produced The Iron Lady and the Academy Award-nominated The Artist. The latter will make its pay-TV debut exclusively on Netflix, sidestepping premium cable, the video rental service said.
It is a fantastic coup for Netflix to acquire 'The Artist' and the package of additional titles, Harvey Weinstein said in a statement. With this deal, a company that loves movies, Netflix, joins forces with a company that is built on that same love. It's exciting that we can offer consumers a supremely convenient way to see the kinds of movies that made us want to be in the business in the first place.
Netflix has been looking for exclusive-content deals as it faces increased competition from companies such as Amazon.com and Verizon, which recently teamed with Coinstar owner Redbox to stream content online. The Los Gatos, Calif., company recently struck content deals with Miramax, CW and Dreamworks Animation.
Bloomberg reported Monday that Weinstein Co., a privately held firm based in New York, is seeking to raise about $150 million to retire its debt and support film operations.
Nasdaq-traded shares of Netflix were down 2.2 percent to $119.18 on Tuesday afternoon.