* Deal will bring 300 hours of new programming to Netflix
* Pact is Netflix's largest for original programming
* Netflix shares rise 7 pct, DreamWorks rises 4 pct
By Sayantani Ghosh and Lisa Richwine
June 17 Video streaming service Netflix Inc
signed an exclusive multiyear deal for a slate of new
TV series from "Shrek" creator DreamWorks Animation,
deepening its push into original programming to stand apart from
Netflix shares rose 7 percent and DreamWorks Animation
shares jumped 4 percent after the deal was announced on Monday.
The companies said the pact was Netflix's biggest deal for
original first-run content and includes more than 300 hours of
new programming. They did not disclose financial terms or the
length of the contract.
For DreamWorks, the deal is part of an effort to expand
beyond films into TV production and distribution. The company is
the studio behind hit movies, including "Shrek," "Madagascar,"
"Kung Fu Panda" and "The Croods." It also owns characters such
as Casper the Friendly Ghost and Lassie through its acquisition
of Classic Media last year.
The new programming for Netflix will feature some of those
characters, though the companies did not say which ones.
Online streaming competitors such as Amazon.com Inc
and Hulu are spending heavily on content as they fight
for a piece of the fast-growing market for movies and TV shows
delivered over the Internet.
The DreamWorks content "should in part help to offset the
gap in Netflix's children's content schedule created when it
decided not to renew its agreement for certain content from
Viacom's Nickelodeon network," Wedbush Securities analyst
Michael Pachter said.
Netflix will premiere the new DreamWorks shows in all
territories where it operates. The company has 29.2 million
streaming customers in the United States and 7.1 million in
Canada and parts of Europe and Latin America.
The first of the new series announced on Monday is expected
to be available in 2014.
In December, Netflix will debut a DreamWorks series called
"Turbo: F.A.S.T," based on the upcoming DreamWorks film "Turbo"
about a fast-moving snail.
Starting in 2016, Netflix will have the exclusive first-run
rights to Walt Disney Co movies after they leave