by Christopher Freeburn | June 17, 2013 9:33 am
Shares of Netflix (NFLX) surged almost 6% in Monday morning trading after the company announced that it has concluded and agreement to bring more than 300 hours of original animated programming to its subscribers.
Original shows created under the new partnership with DreamWorks Animation (DWA) will include characters based on Dreamworks’ Kung Fu Panda and Shrek franchises. Netflix will begin streaming the first series next year, the Associated Press notes. DreamWorks shares also jumped about 6% on news of the deal.
The deal with DreamWorks Animation covers multiple years, but neither company would reveal the agreement’s financial terms. Netflix and DreamWorks Animated had previously teamed to provide a children’s series drawn from the movie Turbo, which opens later this summer. That series Turbo F.A.S.T, will begin streaming on Netflix in December.
Netflix has been moving to increase its line-up of original shows. It recently produced and debuted new season of the long cancelled, cult TV hit Arrested Development.
Last month, an industry study found that Netflix is the biggest consumer of Internet bandwidth, accounting for 32.3% of available bandwidth during peak hours.
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