Viacom Signs Deal with Netflix

By Vanessa Obioha with agency reports

The multi-picture film deal with the online streaming giant Netflix was announced on Friday by Viacom Inc’s Paramount Pictures Chief Executive Officer Jim Gianopulos during an earnings call.

“Our priority is to expand our role as a major global content supplier. As such, we’re exploring various new revenue streams in addition to our traditional theatrical releases as a producer of first-run films and television for other media platforms,” Gianopulos said on a conference call with analysts.

Details of the new deal were not disclosed, but the company led by CEO Bob Bakish noted Viacom had licensed product to Netflix for some years and that it had turned around its core business, with gains in audience share, U.S. distribution and Paramount across both film and TV.

He added Viacom was accelerating growth initiatives as it continued to scale and transform the studio. The company also reported higher fiscal fourth-quarter earnings that exceeded Wall Street estimates.