Netflix gains exclusive rights to Sony films

Netflix has gained exclusive rights to films from Sony Pictures Entertainment.

The companies announced Thursday that they entered into a “multiyear, exclusive first pay window licensing deal” for theatrically released Sony films, beginning with their 2022 film slate.

The deal comes as the coronavirus pandemic forced the closure of movie theaters last year, delaying the release of highly anticipated films into 2021.

Scott Stuber, head of global films at Netflix, said in the statement that the deal “not only allows us to bring their impressive slate of beloved film franchises and new IP to Netflix in the U.S., but it also establishes a new source of first run films for Netflix movie lovers worldwide.”

Under the deal, Sony will offer Netflix a first look at any films it intends to make directly for streaming or decides to license for streaming later.

The deal includes releases of upcoming sequels to “Spider-Man: Into the Spider-Verse” and expected follow-ups for the “Jumanji” and “Bad Boys” franchises.

Terms of the deal were not disclosed, though Bloomberg News reported that Sony was looking for $250 million a year. The deal builds on an existing agreement between the two for Sony Pictures Animation Films.

The New York Time noted that Thursday’s deal replaces a similar agreement that Sony had with Starz Entertainment since 2005.