Netflix (NFLX) clinched a deal to stream movies online from three Hollywood studios just three months after they appear on pay television.
The deal with pay-TV company Epix will let Netflix stream movies from studios Paramount Pictures, Lionsgate and Metro-Goldwyn-Mayer much sooner than it does currently, The New York Times reported. The deal is likely to cost Netflix a total of almost $1 billion in licensing fees.
Epix has the rights to films from these studios, but has struggled to gain distribution on cable and satellite systems.
"We are pleased to be able to continue our mission of bringing consumers the movies where they want to watch them, while satisfying the differing needs of cable, telco and satellite operators," Mark Greenberg, the president of Epix, said.
Take the first steps to building your portfolio.View Course »