Netflix (NFLX) shares jumped on Wednesday after the internet television network set a date for the premiere of the classic NBC sitcom “Seinfeld” on its platform. Netflix stock approached a buy point on the news.
The Los Gatos, Calif.-based company announced that all 180 episodes of “Seinfeld” will begin streaming on Netflix starting Oct. 1. Netflix acquired the global rights to the show two years ago in a $500 million, five-year deal with distributor Sony (SONY). For the past six years, “Seinfeld” has been on rival service Hulu.
“Seinfeld,” starring comedian Jerry Seinfeld, originally aired for nine seasons on NBC from 1989 until 1998.
Netflix made the deal in September 2019 shortly after WarnerMedia and NBCUniversal took back streaming rights for sitcoms “Friends” and “The Office” for their respective streaming services, HBO Max and Peacock.
Netflix Stock Surges Higher
In afternoon trading on the stock market today, Netflix stock rose 2.9%, near 585.50. Earlier in the session, it climbed as high as 591.
The streaming video leader has disappointed investors with its last two quarterly earnings reports. Netflix stock fell hard after its first- and second-quarter reports.
Subscriber gains have slowed compared with last year’s heady growth during stay-at-home orders at the start of the Covid-19 pandemic.
Busy Release Slate Ahead
But Netflix expects subscriber additions to pick up this fall thanks to a busy release schedule of new movies and TV series. Fresh content in September includes new seasons of hit shows “Money Heist” and “Lucifer,” and action movie “Kate.”
On Sept. 25, Netflix is holding an online fan event to preview upcoming shows. Over 70 films and series will be featured throughout the three-hour event. They include the highly anticipated next seasons of “Stranger Things” and “The Witcher” and big-budget movies like “Red Notice.”
Tudum, the fan event named after the sound Netflix users hear when they press “Play,” could be the next catalyst for Netflix stock.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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