Streaming giant Netflix Inc. (NFLX) and Sony Pictures Entertainment (SONY) on Thursday struck an exclusive multi-year worldwide Pay-1 licensing deal, under which Sony’s feature films will stream on Netflix worldwide once their full theatrical release and home entertainment windows close.
Financial terms of the agreement were not disclosed, but media reports suggest the deal is worth more than $7B.
The new global Pay-1 arrangement will roll out gradually starting later this year as individual territory rights become available, with full global availability on Netflix in early 2029, the companies said in a joint statement.
As part of the deal, Netflix will also license rights to select Sony feature film and television library titles.
Nintendo’s live-action The Legend of Zelda, Spider-Man: Beyond the Spider-Verse, and Academy Award winner Sam Mendes’ quartet of Beatles films are among some of the first Sony feature film titles that will stream on Netflix under the new deal.