Why Netflix Says It Won't Renew Deal With Viacom; Plus Netflix Considering New Subscription Option Deadline
Netflix said in a letter to investors that it won't renew its deal with Viacom, which expires at the end of May, reports Deadline.com.
“We are in discussions with them about licensing particular shows but have yet to conclude a deal,” wrote CEO Reed Hastings and CFO David Wells.
The execs cited Netflix's desire to "focus on exclusive and curated content," saying the company isn't as eager to pay for "non-exclusive, bulk content deals.”
Netflix also said it will offer a deal that could appeal to large families, with a subscription rate of $11.99 per month that allows subscribers to stream up to four shows at once. The service currently sells for $7.99 per month and allows two streams.