News Summary: Netflix lands rights to Disney films

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by Associated Press

Associated Press

Posted on December 4, 2012 at 6:06 PM

Updated Tuesday, Dec 4 at 6:06 PM

COMING ATTRACTIONS: Netflix's Internet video service has landed the U.S. subscription rights to begin showing Disney movies shortly after they end their theatrical runs. The multiyear agreement announced Tuesday applies to films released in theaters beginning in 2016.

TRUMPING PAY-TV: The Disney deal represents a major breakthrough for Netflix's service that streams video over high-speed Internet connections. Owners of major studios, including The Walt Disney Co., have previously sold the rights to first-run movies to pay-TV networks, such as HBO, Starz and Showtime.

INVESTORS APPLAUD: Netflix's stock surged 14 percent to close at its highest price since April.

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