Netflix Terminates Contract With The Weinstein Co.
Netflix won the bankruptcy court’s approval to terminate its output deal with The Weinstein Co., a settlement that means the streaming service won’t be obligated to stream a third season of MTV’s Scream.
The agreement, filed today in U.S. bankruptcy court (read it here), comes as Lantern Entertainment continues to work through various objections stemming from The Weinstein Co.’s bankruptcy, in hopes of establishing productive relationships in Hollywood.
RexShutterstock According to the document, Netflix no longer will be obligated to accept delivery or make payments for any films, television shows or other content as of July 11.
One exception is the second season of the animated children’s series Spy Kids, which is based on director Robert Rodriguez’s popular film series.
The settlement resolves Netflix’s part in the dispute over Peaky Blinders, a British period gangster epic with a rabid fan base. Originally acquired by The Weinstein Co in 2013 when it took U.S. TV and VOD rights, it later sold the Birmingham-set saga on to Netflix, but retained a credit as U.S. distributor.
Netflix is holding on to $1.6 million in license fees to be paid once The Weinstein Co. and Endemol Shine resolve their differences. Endemol has filed legal documents claiming Harvey Weinstein’s alleged sexual misconduct represents a contract breach on the part of Weinstein Television.
The streaming service also agreed to drop its $326,000 claim stemming from the sequel to Crouching Tiger, Hidden Dragon.