Don't expect Netflix Inc. (NFLX) - Get Netflix, Inc. Report to make a bid for the Weinstein Co., the indie film studio weathering sexual-assault allegations against its co-founder and Hollywood power producer Harvey Weinstein.
Netflix CEO Reed Hastings denied that it would go after the movie company during the streaming giant's third-quarter earnings call with investors. "It would be extremely unlikely for us to be a bidder of the firm," Hastings said.
The comments come as the Weinstein Co. announced on Monday that it was in talks with private equity firm Colony Capital to provide an "immediate cash infusion" into the company. The parties will decide whether to sell some or all of the studio's assets to Colony. Terms of the investment weren't disclosed.
The Weinstein Co. fired Harvey Weinstein last week. Since then, multiple reports have suggested the company might be considering a sale or a complete closure.
As more and more damage has unfurled at the company, tech and media behemoths including Disney (DIS) - Get Walt Disney Company Report and Amazon.com Inc. (AMZN) - Get Amazon.com, Inc. Report have said they would end projects that involved the Weinstein Co.
Netflix content chief Ted Sarandos said on the call late Monday that the company has some second-window distribution rights on films and television shows with the Weinstein Co., but that "it's not material in any way."
"There's a lot of smoke to clear from what's happening there," Sarandos said. "Our business with Weinstein is pretty arms distance."
Shares of Netflix were rising 1.2% to $205.16 in after-hours trading on Monday. The stock has skyrocketed 64% so far this year vs. the S&P 500's gain of 14%.
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