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The Obamas Sign Netflix Production Deal

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The Obamas Sign Netflix Production Deal

It got Shonda, it got Letterman, it got Mark Millar, and now Netflix, Inc. (NASDAQ: NFLX) is rounding out its arsenal of stars with some of its biggest celebrities yet.

What Happened

The streaming service secured a multi-year agreement with Barack and Michelle Obama for films and series produced through the Obamas’ newly established Higher Ground Productions.

“Netflix’s unparalleled service is a natural fit for the kinds of stories we want to share, and we look forward to starting this exciting new partnership,” the former first lady said in a Monday press release.

Why It’s Important

As it prepares for the 2019 withdrawal of Walt Disney Co (NYSE: DIS) content and fields competition from traditional and emerging competitors, Netflix seeks to expand its subscriber base through the draw of exclusive content.

“Barack and Michelle Obama are among the world’s most respected and highly-recognized public figures and are uniquely positioned to discover and highlight stories of people who make a difference in their communities and strive to change the world for the better,” Netflix Chief Content Officer Ted Sarandos said in the release. “We are incredibly proud they have chosen to make Netflix the home for their formidable storytelling abilities.”

What’s Next

The content — which may include scripted or unscripted series, docu-series, documentaries and features — will be available in 190 countries to 125 million households.

Netflix shares traded around $330.70 at time of publication, up about 2 percent on the day.

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Image credit: Pete Souza [Public domain], via Wikimedia Commons

Posted-In: Barack Obama David Letterman Mark Millar Michelle Obama Shonda Rhimes Ted SarandosNews Media Best of Benzinga

 

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