Netflix rises, Yada Yada Yada, on Seinfeld announcement
19:28, 1 September 2021
Netflix shares jumped 3.87% in afternoon trading Wednesday after the streaming-entertainment giant announced the 1 October premiere date for subscribers to stream the 1990s television programme, Seinfeld.
After opening the session at $569, Netflix shares jumped to $591 per share shortly after the company’s teaser video announcing the platform debut was posted at just after noon Eastern on YouTube, and announced over Twitter.
While Seinfeld remains one of the most popular television shows ever and lives on in syndication more than 23 years after the series finale aired in 1998, Netflix treated the addition to its streaming options as a brand-new programme.
The Los Gatos, California-based streaming service described Seinfeld as its “Hottest New Show,” in its announcement released via nerdist.com.
“This is the first time we’ve taken a risk of this nature, going all-in on nine seasons at the jump,” said Netflix Co-CEO Ted Sarandos in the release. “But Jerry has created something special with this sitcom that nobody has ever done. I truly think he and Mr. (co-creator Larry) David have enormous futures ahead of them, and I’m thrilled Netflix could be the home for them to grow their fanbases.”
Jerry Seinfeld added, “It takes a lot of guts to trust two schmucks who literally had zero experience in television when we made this thing.”
Netflix acquired the streaming rights for Seinfeld in a September 2019 distribution agreement with rightsholder Sony Pictures for over $500m, according to reports at the time.
Previously, Seinfeld streaming rights were owned exclusively by Disney-owned Hulu.
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