Netflix, Inc. (NASDAQ: NFLX), Walt Disney Company (The) (NYSE: DIS) – Netflix pays $ 450 million for ‘Knives Out’ sequels



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Netflix Inc (NASDAQ: NFLX) has reportedly agreed to a deal worth $ 450 million to create two sequels to the popular 2019 film, “Knives Out.”

What happened: “Knives Out” was produced for a relatively modest $ 40 million and starred Daniel Craig as Detective Benoit Blanc, with an all-star supporting cast including Chris Evans, Jamie Lee Curtis, Don Johnson, Christopher Plummer and Toni Collette. The film grossed $ 311.4 million and won an Oscar nomination for its screenplay.

“Knives Out” was produced by MRC Entertainment and distributed by Lions Gate Entertainment Corp. (NYSE: LGF). According to a report published in the entertainment trade journal Variety, the companies only had the rights to a first film, not the proposed sequels. Director-producer Rian Johnson and co-producer Ram Bergman bought the sequels and struck a deal with Netflix.

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Why is this important: By putting “Knives Out” under its banner, Netflix seeks to challenge its streaming rivals, including From Walt Disney Co. (NYSE: DIS) Disney + and the AT&T Inc. (NYSE: T) HBO Max subsidiary with its own franchise. No premiere date has been set for the sequels, and it’s uncertain whether Netflix will release the new movies in theaters first or in conjunction with a streaming premiere.

The film will also open a new chapter for Craig, who ends his run as James Bond in “No Time to Die,” which was originally slated for release in November 2019, but was postponed until last spring before being postponed. again due to the covid19 pandemic. “No Time to Die” is slated for a US premiere on October 8.

The new deal with Netflix gives Johnson significant creative control with no budget limitations and the only distribution requirement being Craig. Filming for the first sequel is slated to begin this summer in Greece.

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(Daniel Craig in “Knives Out.” Photo courtesy of Lions Gate Entertainment Corp.)

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