Imagine if one of the biggest film distributors teamed up with one of the biggest online movie streaming networks. That’s what Reuters are reporting this week, claiming US movie rental giant Netflix are close to a deal with Miramax to stream their massive back-catalogue. The rumours are that the deal would top $100m over five years. Here’s why it would change film watching…
Miramax, the studio behind some of the most iconic independent movies of recent decades, and Netflix Inc. are finalizing a five-year deal worth more than $100 million to stream its library of more than 700 titles, according to people familiar with the situation.
The tentative deal marks a milestone for the investor group that bought Miramax from Walt Disney Co. last year for $660 million. The investor group, Filmyard Holdings LLC, is led by Los Angeles investors Ron Tutor and Tom Barrack.
To earn back its investment, the company is aggressively seeking lucrative distribution deals in new and old media.
The studio’s back catalog is quite impressive, especially material from the early days, before the Disney acquisition. The studio was founded by siblings Bob and Harvey Weinstein, who are now again involved with Miramax thanks to a deal between Filmyard and their The Weinstein Company.
The brothers Weinstein are recognized for helping launch the careers of luminaries like Quentin Tarantino and Kevin Smith, and ushering greats like Pulp Fiction, Clerks, The Crow, Shakespeare In Love, Good Will Hunting, and The English Patient.
The report also mentions that Miramax CEO Mike Lang is looking to enter into a digital agreement with Google.