A Record Breaker: Netflix Signs Its Most Expensive Deal Ever For $700 Million

With platforms like Hulu and Disney+ putting out endless amounts of shows and movies for their content-hungry subscribers, it’s clear that this new wave of distributing media isn’t going away anytime soon. Netflix is arguably the platform that spearheaded the streaming craze, and it just made its most expensive (and possibly most profitable) acquisitions in the company’s history. The big wigs at America’s go-to place for content just made a nearly $700 million deal with the company that oversees the rights to one of the world’s most beloved storytellers: Roald Dahl.

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For anyone following Netflix’s recent business moves, this new acquisition may not be as much of a surprise. The company has invested massive loads of money into expanding its catalog of entertainment from across the pond. After the colossal success of British programs like Bridgeton and The Crown, Netflix has certainly made haste in broadening its reach into the UK.

Just days ago, they made a deal with global assets company Aviva Investors to take over Longcross Studios located in Surrey, UK, as part of a long-term lease agreement. Netflix has also invested $1.6 million in crafting a new training program called Grow Creative U.K, which looks to build the next generation of the country’s creative industry.

So, it only made sense for the platform to announce that they’d acquired the rights to Roald Dahl Story Company, the business that owns the licensing rights to one of the United Kingdom’s most famed writers, for $686 million.

What will this partnership entail when it comes to feeding our tv binging appetites?

According to Netflix’s press release, a brand new adapted series is already in the works. The series, which is said to be “based on the world of Charlie and the Chocolate Factory,” already has two big names attached to it: decorated filmmakers Taika Waititi and Phil Johnston. While it’s still quite early to get a full grasp on what this multimillion partnership will bring to the table, the announcement went on to tease an upcoming adaption of Matilda the Musical – which won the Critics’ Circle Theatre Awards for Best Musical when it premiered on the West End in 2011 and the Tony Award for Best Book of a Musical when it hit the Broadway stage two years later.

“As we bring these timeless tales to more audiences in new formats, we’re committed to maintaining their unique spirit and their universal themes of surprise and kindness, while also sprinkling some fresh magic into the mix,” Netflix boosts in the press release, “Looking ahead, we’re excited to continue the close working relationships established by RDSC with existing rights holders, publishing, theatre and entertainment partners, and many others to protect and grow the great legacy of these beloved stories.”

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Sources: Bloomberg, Variety, Netflix

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