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The five-year arrangement will begin with the
2022 slate of movies, which is scheduled to include Marvel film
"Morbius," best-selling book adaptation "Where the Crawdads
Sing" and Brad Pitt thriller "Bullet Train."
Future releases are expected to include new installments in the
Spider-Man, Venom, Jumanji and Bad Boys franchises.
The movies will hit Netflix after they have finished their run
in theaters and been made available for home viewing via
video-on-demand. That period typically extends for months,
though studios have been experimenting with offering films in
homes sooner during the COVID-19 pandemic.
Under the new deal, Netflix also will stream some older films
from Sony's library, and will have the first chance to pick up
any movies that Sony makes directly for streaming.
The world's largest streaming service is looking to bolster its
movie offerings as it faces growing competition from Walt Disney
Co, AT&T Inc's HBO Max and others.
Financial terms were not disclosed. The cost to Netflix depends
in part on how many movies Sony releases and how each film
performs at the box office.
Shares in Netflix rose nearly 1.2% to $553.85 in afternoon
trading on Nasdaq.
(Reporting by Lisa Richwine in Los Angeles and Nilanjana Basu in
Bengaluru; Editing by Ramakrishnan M. and Kevin Liffey)
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