Netflix (NFLX) may have lost "Friends" but it will soon have "Seinfeld" to keep subscribers entertained over the next few years, the streaming giant said Monday.
Netflix took to Twitter to confirm media reports that it acquired the worldwide rights for all 180 "Seinfeld" episodes. Netflix will have control of the hit '90s sitcom starting in 2021 under the five-year pact with Sony Pictures (SNE) .
The deal marks a comeback for Netflix, which found itself reeling over the summer after losing "The Office" and "Friends" to rivals NBCUniversal (CMCSA) and WarnerMedia (T) and its planned HBO Max platform.
Shares of Netflix on Monday edged down 0.3% to $293.35.
To snag "Seinfeld," Netflix likely had to agree to fork out more than $500 million, the amount NBCUniversal paid for "The Office," said the Los Angeles Times, which first reported the deal.
Since it includes the worldwide distribution rights, the agreement Netflix has signed for "Seinfeld" is more valuable, the paper said.
Netflix beat out several rivals in the hotly contested streaming sector, including Walt Disney Co.'s (DIS) Hulu, which currently owns the rights to "Seinfeld," as well as Amazon (AMZN) , CBS owner Viacom (VIA) , NBCUniversal, and WarnerMedia.
Disney shares fell 1.8% to $135.52.