Netflix locks up rights to its first TV series
LOS GATOS, Calif. - Netflix's Internet video streaming service will get first-run episodes of the upcoming TV series, "House of Cards," starring Academy Award winning actor Kevin Spacey.
The deal announced Friday illustrates Netflix Inc.'s growing power in Hollywood as its mines the revenue from its 20 million subscribers to create new home entertainment options.
Netflix didn't disclose how much it is paying Media Rights Capital, the studio behind "House of Cards."
Buying the rights to 26 episodes of "House of Cards" before the series is in production represents a dramatic departure for Netflix.
Its online video streaming library boasts more than 20,000 titles, but most of them are older movies and previously shown TV series.
"House of Cards" is expected to debut on Netflix late next year.