Netflix nears over $100 million deal with Miramax: source

NEW YORK Fri Mar 25, 2011 8:27pm EDT

Netflix Chief Executive Officer Reed Hastings speaks during the launch of streaming internet subscription services for movies and television shows to televisions and computers in Canada, at a news conference in Toronto September 22, 2010. REUTERS/Mike Cassese

Netflix Chief Executive Officer Reed Hastings speaks during the launch of streaming internet subscription services for movies and television shows to televisions and computers in Canada, at a news conference in Toronto September 22, 2010.

Credit: Reuters/Mike Cassese

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NEW YORK (Reuters) - Movie rental company Netflix Inc is close to an agreement with Miramax to stream the studio's library in a deal that would be worth "well north of" $100 million over five years, according to a source familiar with the deal.

Miramax's more than 700 titles include hits such as "Pulp Fiction" and "Good Will Hunting."

Netflix and Miramax declined to comment.

The Wall Street Journal earlier reported the two sides were nearing a deal, although the publication initially put the figure at $50 million over five years before changing to the higher amount.

Netflix started in the United States as a mail-in DVD service, but recently said the vast majority of its U.S. subscribers stream content on a range of devices.

Miramax, meanwhile, is aggressively seeking distribution deals, the Journal reported.

(Reporting by Lewis Krauskopf; editing by Carol Bishopric)

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