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Starz and Sony Strike a Deal

The pact keeps Sony Pictures films on the cable channel through 2021


Shares of Starz (NASDAQ:STRZA) surged more than 8% in Monday midday trading after the cable channel announced that it had inked a multi-year deal with  Sony Pictures (NYSE:SNE).

No financial terms were announced. However, the agreement means that Starz will continue to broadcast Sony Pictures films through 2021. The company was bidding against video streaming provider Netflix (NASDAQ:NFLX) for rights to Sony movies, the Los Angeles Times notes.

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Starz officials noted that the deal’s terms were comparable to other contracts between television networks and film studios. Cable TV networks usually pay up to 12% of a movie’s box office receipts for the right to air it.

Last year, Netflix won the rights to Disney (NYSE:DIS) films, outbidding Starz.

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