NBCUniversal recently paid $500 million for the streaming rights to The Office and HBO Max paid $425 million for the rights to Friends, but there's an important distinction between those deals and this one: those companies only own the domestic streaming rights to those shows, while this Seinfeld pact gives Netflix the streaming rights to the series on a global scale.
Netflix lost the streaming rights to The Office, one of the platform's most-watched shows, to NBCUniversal earlier this year. Amazon had the streaming rights in most of the foreign territories that will be picked up by Netfilx. According to Variety, Hulu pays roughly $150 million per year for the domestic streaming rights to the show, while Amazon Prime possesses the worldwide streaming rights.
"Seinfeld is the television comedy that all television comedy is measured against", Netflix's chief content officer Ted Sarandos said in a statement about the new deal.
The LA Times reported that Netflix has announced full 4K resolution support for Seinfeld's Netflix run, a first for the series. Netflix has created significant momentum with its original shows, but new competitors are constantly popping up, including streaming arrivals from Apple and Disney.More news: Arsenal draw down to me, says Sokratis Papastathopoulos
More news: Energy dept 'closely monitoring' fallout from Saudi attack
More news: Nintendo's New Fitness Game Puts Joy-Cons in Strange Places
Netflix won the Seinfeld license over other bidders like Hulu, Amazon, WarnerMedia, NBCUniversal, and Viacom (which owns CBS All Access), per the Los Angeles Times. Netflix now has a new gem - a show about nothing.
The LA Times first reported the Seinfeld-Netflix deal.
It doesn't matter how old you are or if you've ever even seen an episode, chances are you know about Seinfeld.
Neflix is already the streaming home for Seinfeld's current series, "Comedians in Cars Getting Coffee, " and his stand-up comedy specials.