Tuesday, August 10, 2010
Netflix Inc. has reached a multiyear agreement to stream movies from Paramount, Lionsgate and MGM online starting Sept. 1. It's a major move as Netflix looks to cater to people who want to watch movies instantly.
Terms weren't disclosed. Epix is a joint venture between Viacom Inc., its Paramount Pictures unit, Metro-Goldwyn-Mayer Studios Inc. and Lions Gate Entertainment Corp.
Epix will make the movies, including new releases, available to Netflix 90 days after they premiere on Epix' premium pay TV channel and on-demand. Epix holds pay TV rights to movies from its partners' libraries, and the deal means Netflix can add many more popular movies from major studios.
Netflix is trying to migrate its customers from ordering DVDs by mail to accessing them online, partly to save postage costs.