On Monday, investors woke up to the news that Netflix (NASDAQ: NFLX) had secured the global streaming rights for Seinfeld, the iconic TV show whose popularity hasn't waned since its premiere over 30 years ago.
The streaming giant acquired the sole global streaming rights from Sony Pictures Television (NYSE: SNE) the distributor of the hit TV show for an undisclosed amount. The deal gives Netflix the right to stream the show's 180 episodes worldwide to its 151 million subscribers.
The deal will come into effect in 2021 once the current US streaming rights held by Hulu expire. Hulu has a 6-year streaming deal for Seinfeld which has it paying $130 million annually to stream reruns of the hit TV show that ended in 1999 within the US.