Visitors to Amazon‘s (NASDAQ:AMZN) website on Tuesday were greeted with a note from the company announcing a deal with the EPIX cable channel that will bring new movies and TV shows to its Amazon Prime streaming service.
Amazon’s gain is Netflix‘s (NASDAQ:NFLX) loss. EPIX recently ended its streaming deal with the DVD-by-mail and streaming company.
Shares of Amazon fell more than 1% in Tuesday afternoon trading, while Netflix shares dropped more than 6%.
The Internet retailing giant has been seeking deals with media content providers, including Time Warners’ (NYSE:TWX) Warner Brothers and Comcast’s (NASDAQ:CMCSA) NBC Universal, in recent months to increase its Prime offerings against Netflix’s catalog of streaming content.
That expansion has come at the expense of overall profits. Amazon reported second-quarter earnings that tumbled 96% due to higher expenses.
EPIX is a joint venture between Viacom (NASDAQ:VIAB), MGM and Lions Gate Entertainment (NYSE:LGF).
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