Netflix (NFLX) - Get Report and Amblin Partners, the film and television studio led by Steven Spielberg, raised the curtain on a partnership Monday that will see the Hollywood director's company produce multiple films a year for the streaming entertainment giant.
Shares of Netflix were down 1.14% to $495.04 on Monday.
Terms of the deal weren’t disclosed.
Spielberg, the Oscar-winning director of "Schindler's
List," "Jurassic Park" and "Saving Private Ryan," will continue to direct movies for Comcast's (CMCSA) - Get Report Universal Pictures as part of a separate deal.
"Steven is a creative visionary and leader and, like so many others around the world, my growing up was shaped by his memorable characters and stories that have been enduring, inspiring and awakening," said Ted Sarandos, Netflix Co-CEO and chief content officer, in a statement.
CAA advised Amblin Partners on the deal.
The two companies previously worked together on the Academy Award-nominated "The Trial of the Chicago 7," and are currently collaborating on Bradley Cooper’s Leonard Bernstein film, "Maestro," which is in pre-production.
Earlier this month, Netflix launched Netflix.shop, which will sell curated products including apparel, toys and games.
Netflix has experienced increasing competition as other media companies move in on the streaming space.
A recent report from Ampere Analysis found that Netflix’s market share was cut by nearly one-third, from 29% to 20% of the total market, as competitors like Walt Disney (DIS) - Get Report have challenged for the streaming crown and seriously damaged the company’s growth story.
In April, Netflix won a total of seven Oscars at the 93rd Academy Awards. After Netflix, Disney overall had the most wins at this year’s Oscars with five.