Netflix Inc. obtained a multi-year deal that makes the video streaming company the exclusive U.S. subscription TV provider for new movies from The Weinstein Company starting in 2016, the companies announced on Tuesday.
The agreement for first-run rights to Weinstein films after they appear in theaters will bring new content to Netflix to help the company gain subscribers and compete with cable channels such as HBO and Showtime. Financial terms were not disclosed.
The Weinstein Company is known for releasing awards season contenders, including Oscar winners "The Artist" and "The King's Speech." Netflix already had a deal to stream Weinstein documentaries and foreign films.
Netflix shares rose 3.4 percent to $268.59 in afternoon trading on Nasdaq.