Blake Lively attends the 'It Ends With Us' premiere in New York City, U.S., August 6, 2024. REUTERS/Caitlin Ochs
Jan 15 (Reuters) - Netflix and Sony Pictures Entertainment have reached a new agreement that would bring films such as "Spider-Man: Beyond the Spider-Verse" to the streaming giant's customers worldwide after they play in cinemas, the companies said on Thursday.
Under the multi-year agreement, Netflix will become the exclusive streaming destination of Sony Pictures' films following their theatrical runs and video-on-demand releases.
The arrangement will roll out gradually starting later this year as rights in individual territories open up, with full availability worldwide expected in early 2029.
Other early Sony Pictures titles that will stream on Netflix under this new deal include Nintendo's live-action "The Legend of Zelda," "The Nightingale," starring Dakota and Elle Fanning, and Academy Award-winner Sam Mendes' four films about The Beatles.
The deal gives Netflix a steady flow of studio films for the global audience as it leans more on licensed content. The company currently has similar rights to Sony Pictures' films in select regions such as the U.S., Germany and across Southeast Asia.
For Sony, the arrangement ensures a home for its theatrical release slate at a time when studios are rethinking long-term distribution strategies as streaming reshapes consumers' movie-watching habits.
The announcement also comes as Netflix moves to buy Warner Bros Discovery's studio and streaming assets in a $72 billion deal.
Sony's catalogue includes films such as "Uncharted," "Anyone But You," "Venom: The Last Dance," and "It Ends With Us."
The companies did not disclose the financial terms of the agreement.
(Reporting by Anhata Rooprai in Bengaluru and Dawn Chmielewski in Los Angeles; Editing by Alan Barona)
