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Netflix, DreamWorks Team Up for Landmark Series

Netflix (NASDAQ: NFLX) and DreamWorks Animation (NASDAQ: DWA) are teaming up to develop a new animated series for kids.

The series will be based on Turbo, an animated flick due for release this summer, which tells the story of a snail whose dream is to become the fastest racer in the world.

"Families love Netflix, so creating an original series for kids was a natural for us. And we're doing it in a big way by adapting Turbo, this year's DreamWorks Animation summer tentpole movie," Ted Sarandos, Chief Content Officer of Netflix, said in a company release. "DreamWorks Animation has a long track record of creating incredibly successful characters and stories that delight people of all ages. We're thrilled to add Turbo the series as well as all new DreamWorks Animation films, starting with their 2013 slate, to Netflix."

"Netflix boasts one of the largest and fastest-growing audiences in kids television," added Jeffrey Katzenberg, CEO of DreamWorks Animation, who was also quoted in a press release. "They pioneered a new model for TV dramas with House of Cards, and now together, we're doing the same thing with kids' programming. DreamWorks is thrilled to be part of the television revolution."

The series, Turbo: F.A.S.T. (Fast Action Stunt Team), will debut exclusively on Netflix this December. It will be available in the United States and 40 other countries across the globe.

While the film will debut in RealD (NYSE: RLD) 3D, the series will apparently stick to the two-dimensional format. Ryan Reynolds, Paul Giamatti, Michael Pena, Luis Guzman, Bill Hader, Richard Jenkins, Ken Jeong, Michelle Rodriguez, Maya Rudolph, Ben Schwartz, Kurtwood Smith, Snoop Lion and Samuel L. Jackson are among the actors providing their voices to the film. It is not yet known if any of them will return for the series.

DreamWorks is promoting Turbo: F.A.S.T. as a pseudo-sequel to the film, announcing that it will extend Turbo's "pursuit of racing greatness" and pick up where the movie leaves off.

In addition to the series announcement, Netflix said that it streamed more than two billion hours of kids content in 2012. The streaming video giant said that it curates its content in conjunction with ratings and reviews from Common Sense Media, a non-profit group.

Netflix jumped more than three percent on the DreamWorks deal but quickly declined to a 1.5 percent gain.

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