Netflix has secured an important ally as it fights off the challenge from Disney+, entering into a partnership with Viacom-owned Nickelodeon worth an estimated $200 million.
The New York Times reports that Nickelodeon will make a “SpongeBob SquarePants” spinoff for Netflix as part of the multiyear content-production deal.
“Netflix and Nickelodeon announced a deal on Wednesday for Nickelodeon to create and produce original animated feature films and television series based on Nickelodeon’s library of charactersm” The Times reports. “Shows based on completely new characters are also part of the agreement. The companies gave no specifics on characters, the number of shows or how many years.”
The report notes that the partnership includes “a music-based project centered on Squidward, the malcontent anthropomorphic octopus on ‘SpongeBob SquarePants,’ according to two people briefed on the matter, who spoke on the condition of anonymity to discuss still private details. The people said the overall deal was worth more than $200 million to Nickelodeon.”
The Times adds: “As the so-called streaming wars heat up, children’s programming has become one of the most competitive fronts. Netflix has ramped up production of cartoons, children’s sitcoms and animated movies, in part to compensate for Disney content that is leaving the service. Disney Plus will be the streaming home for everything Disney, Pixar, Marvel, ‘Star Wars’ and National Geographic. HBO Max, the coming app from WarnerMedia, announced a deal with ‘Sesame Street’ last month that will bring, for the first time, most of the show’s five-decade library to streaming: more than 4,500 episodes.”
Click here to read the full announcement from Netflix.