Netflix Dips on Comcast Deal

NEW YORK (TheStreet) - Netflix (NFLX) shares dipped 0.34% to $430.78 shortly after market open on Monday following the announcement of the company's deal with Comcast (CMCSA).

On Sunday the two firms announced an agreement to provide Netflix direct access to Comcast's U.S. broadband customers. This marks Netflix's first deal with an Internet service provider.

"Working collaboratively over many months, the companies have established a more direct connection between Netflix and Comcast, similar to other networks, that's already delivering an even better user experience to consumers, while also allowing for future growth in Netflix traffic," the statement said.

The companies did not disclose the terms of the multi-year agreement. In the statement, Netflix said that it receives no preferential network treatment as part of the deal.

Comcast shares gained 1.04% to $51.58 shortly after market open.

--Written by James Rogers in New York.

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