NEW YORK (TheStreet) -- Shares of Netflix (NFLX) are climbing 2.84% to $645.07 on Tuesday after the company said yesterday that it is teaming up with Plan B Entertainment, actor Brad Pitt's production company to produce "War Machine," a satirical war comedy.
"We are so excited to be a part of the inspiring commitment by Netflix to produce cutting-edge content and to deliver it to a global audience" Pitt said in a statement.
Netflix will invest about $30 million in the film, which will star Pitt, Bloomberg reported.
"War Machine" will be the biggest investment Netflix will have made so far in a feature film, Bloomberg said. It will be available to theatregoers and Netflix subscribers next year.
The streaming video giant is in the market for films and series that can lure new subscribers with big stars and compete for awards, with its online service expanding worldwide by the end of 2016, Bloomberg noted.
Separately, TheStreet Ratings team rates NETFLIX INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NETFLIX INC (NFLX) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, generally higher debt management risk and premium valuation."