Netflix slumps after Amazon reaches content deal with EPIX

theflyonthewall.com

Netflix (NFLX) is tumbling after Amazon.com (AMZN) announced that it had signed a deal to add thousands of EPIX movies to its Amazon Prime streaming service. Under the deal, Amazon - which competes with Netflix - will enable Prime users to access movies from Viacom's (VIA) Paramount Pictures, Metro-Goldwyn-Mayer Pictures, and Lionsgate (LGF), Amazon announced. Netflix previously had an exclusive deal to receive content from EPIX, but the agreement recently expired. Netflix users will still be able to access EPIX movies, however, and Amazon’s deal was not unexpected, according to CNET. In early trading, Netflix sank $5.56, or 9.31%, to $54.16. Amazon, meanwhile, added 0.80% to $250.25.

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