Netflix (NFLX) Lets Contract with Key Content Provider Lapse, Loses Hours of Programming
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Netflix (Nasdaq: NFLX) shares are lower Monday after the Company reportedly lost about 800 hours of content from A+E Networks, which includes channels like A&E and History.
The content was lost due to Netflix letting a deal with the two lapse. Currently, only about 300 hours (equal to roughly four History Channel WWII documentaries) of content are still viewable on Netflix.
Variety first hinted at the potential loss last week.
Some popular shows being dropped include "Pawn Stars," "Ice Road Truckers," and "Storage Wars."
Netflix has been in a content battle with Amazon.com (Nasdaq: AMZN), which aims to broadcast streaming video via is Amazon Prime service. Recently, Netflix slumped as Amazon and EPIX inked a new content deal, with Amazon also expanding a deal with Comcast's (Nasdaq: CMCSA) NBCUniversal just a few days prior.
For its part, Netflix announced an agreement with Weinstein distribution unit RADiUS-TWC.
Investors are also keeping an eye on Apple (Nasdaq: AAPL), which has voiced interest in creating a TV with more content and unleashed Hulu on Apple TV in July. Though Apple has faced some headwinds in talks with cable operators, any potential developments would be a negative for Netflix.
In early trading, Netflix is down modestly.
The content was lost due to Netflix letting a deal with the two lapse. Currently, only about 300 hours (equal to roughly four History Channel WWII documentaries) of content are still viewable on Netflix.
Variety first hinted at the potential loss last week.
Some popular shows being dropped include "Pawn Stars," "Ice Road Truckers," and "Storage Wars."
Netflix has been in a content battle with Amazon.com (Nasdaq: AMZN), which aims to broadcast streaming video via is Amazon Prime service. Recently, Netflix slumped as Amazon and EPIX inked a new content deal, with Amazon also expanding a deal with Comcast's (Nasdaq: CMCSA) NBCUniversal just a few days prior.
For its part, Netflix announced an agreement with Weinstein distribution unit RADiUS-TWC.
Investors are also keeping an eye on Apple (Nasdaq: AAPL), which has voiced interest in creating a TV with more content and unleashed Hulu on Apple TV in July. Though Apple has faced some headwinds in talks with cable operators, any potential developments would be a negative for Netflix.
In early trading, Netflix is down modestly.
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