Starz renews deal to get Sony movies through 2021
LOS ANGELES, Calif. - Premium pay TV channel Starz has renewed its agreement to carry movies from Sony Pictures through films hitting theatres in 2021. The deal comes two months after Netflix snatched future Disney movies from Starz, and was seen as a must-win for the channel.
The deal will extend Sony's relationship with Starz by five years.
Analysts speculated that Starz is paying anywhere from $250 million to $400 million per year, an increase from the estimated $200 million it is paying Sony currently.
Starz CEO Chris Albrecht said the network believes the terms are consistent with other deals between traditional pay TV networks and Hollywood studios.
Starz shares rose 8 per cent to $18.04 in midday trading. Netflix shares fell 2 per cent to $176.89. Sony shares rose 5 cents to $14.97.
latest entertainment gallery
Brad Pitt and Angelina Jolie may have married in total secret, but they wouldn't be the first celebrities who have pulled off such a feat.
Date 14-08-28, Duration 1:22, Views 33504