Netflix Reups With Visual Effects And Animation Firm DNEG In $350M Extension
Visual effects and animation firm DNEG has extended its deal with Netflix through 2025.
Film and TV titles produced under the partnership include Stranger Things and The Adam Project.
The non-exclusive pact is worth $350 million, according to an SEC filing.
DNEG’s ReDefine division will also supply VFX services and top-end creative supervision for select Netflix programming.
Along with the upcoming fourth season of Stranger Things, other projects covered by the agreement include Knives Out 2, The School for Good and Evil and Avatar: The Last Airbender; The Witcher: Blood Origin; and upcoming fantasy comedy-adventure Slumberland for director Francis Lawrence.
DNEG Animation is also working on the feature film Nimona, which will be released by Netflix in 2023.
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Among previous Netflix titles with DNEG contributions are Locke & Key, Shadow & Bone, The Irregulars, Cursed, Black Mirror and The Dark Crystal: Age of Resistance. The company won a Visual Effects Society Award for its work on Altered Carbon and won a BAFTA TV Craft Award for Black Mirror. ReDefine has delivered VFX for Netflix movies such as The White Tiger, Mimi and Sweet Girl, and is now in production on Adam Sandler movie Hustle.
The announcement comes during an active phase for DNEG, which last week announced the opening of a new facility in Toronto, part of a plan to increase capacity by 40% by the year’s end. The Dune effects firm expects to close a SPAC merger with Sports Ventures Acquisition Corp. by the end of the first half of 2022, with the combined entity trading on the Nasdaq in the U.S.
“Netflix is the leader in the field of streaming content, and DNEG is at the forefront of VFX and virtual production services. This agreement is transformative for DNEG and creates the opportunity for further expansion of our global scale and further investment in DNEG’s industry-leading technology,” said DNEG CEO Namit Malhotra said. “The signing of this multiyear agreement reflects the success of our partnership with Netflix to-date and validates DNEG’s strategic direction and worldwide growth initiatives.”
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