Netflix shares plunge as subscriber growth disappoints investors
Steven Spielberg’s Amblin Partners signed a deal with Netflix Inc. to produce multiple films a year, giving the streaming service fresh ammunition as competition grows.
The multiyear agreement builds on an existing relationship -- the companies teamed up on last year’s “The Trial of the Chicago 7” and the Leonard Bernstein biopic “Maestro,” which is in preproduction -- they said in a statement Monday. Terms of the deal weren’t disclosed.
Netflix is the dominant paid streaming service, but it’s seeking more hits that can attract subscribers and help it stand out in a crowded market -- especially as media giants such as Walt Disney Co., AT&T Inc.’s WarnerMedia and Comcast Corp.’s NBCUniversal debut more of their biggest films online.
In Amblin, Netflix gets access to a legendary filmmaker and a studio whose recent hits include the Oscar-winning “Green Book” and “1917.” The 74-year-old Spielberg, who directed “E.T.,” the Indiana Jones series, “Jurassic Park” and “Saving Private Ryan,” serves as Amblin’s chairman. The studio will continue to work with Universal and other partners, he said.
“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,” Netflix Co-Chief Executive Officer Ted Sarandos said in the statement. “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.”