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Miramax Films reaches deal with Netflix

Under the multiyear agreement, Netflix will pay Miramax at least $100 million to allow subscribers to stream the studio's 700-plus movies, which will be made available on a rotating basis.

May 17, 2011|By Ben Fritz and Steven Zeitchik, Los Angeles Times

Reporting from Los Angeles and Cannes, France — Miramax Films has signed a multiyear agreement worth at least $100 million to make its movies available on Netflix's online streaming service.

The newly independent studio decided to forego a potentially larger payment from Netflix in order to keep the distribution deal non-exclusive. That will allow Miramax to offer its films on other digital platforms as well, according to a knowledgeable person who asked not to be identified because the deal terms are confidential.

Miramax has been having such discussions with Google, Hulu, Amazon.com and other online distributors.

Miramax Chief Executive Mike Lang has been talking to Netflix about a deal since he took over the company in December when it was acquired by a consortium of investors led by private equity fund Colony Capital and construction magnate Ron Tutor. At the time, Lang said digital distribution arrangements were a top priority to start generating additional revenue from the Miramax library.

Under the deal announced Monday, dozens of titles at a time will be available for streaming on Netflix on a rotating basis starting in June. Among the movies from Miramax's 700-plus-film library that Netflix subscribers will be able to see from time to time are "Pulp Fiction," "Shakespeare in Love," "Bad Santa" and "Kill Bill."

ben.fritz@latimes.com

steve.zeitchik@latimes.com

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