Netflix To Attempt Outbidding BSkyB For Movie Rights - Report

Date : 08/19/2012 @ 10:33AM
Source : Dow Jones News
Stock : Netflix, Inc. (MM) (NFLX)
Quote : 187.91  0.0 (0.00%) @ 4:12AM

Netflix To Attempt Outbidding BSkyB For Movie Rights - Report

Netflix, Inc. (MM) (NASDAQ:NFLX)
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U.S. film-streaming service Netflix Inc. (NFLX) will attempt to outbid British Sky Broadcasting Group PLC (BSY.LN) in securing the premium rights to movies from Hollywood's six biggest studios, the Sunday Telegraph reports.

Those rights are currently held by BSkyB.

In an interview with the newspaper, Netflix founder and Chief Executive Reed Hastings said BSkyB is a "powerful, formidable competitor" but that Netflix was prepared to invest heavily to win the rights.

"We will be really aggressive in our bidding," he said. "It may be that we win in the first round. It may be that it takes two or three years, but we're incredibly confident that we will win the bidding for some of Pay 1 [the first window rights]," Mr Hastings said.

Netflix launched in the U.K. and Ireland in January at 5.99 pounds ($9.40) a month and has already signed up more than 1 million customers.

The report didn't say when the premium rights will be up for bidding.

Newspaper Web site: http://www.telegraph.co.uk

London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320

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