BEVERLY HILLS, Calif. (AP) -- Video streaming and DVD rental company Netflix Inc. plant to broaden its reach in Brazil and other parts of Latin America after signing an agreement with Twentieth Century Fox Television Distribution to stream TV shows and classic movies there.
Netflix shares rose more than 2 percent after the announcement Wednesday, amid broader market declines.
Netflix launched its services to 43 countries and territories in Latin America, including Brazil, in September. Under a multi-year licensing agreement, Netflix will provide the 20th Century Fox programming starting in July. Terms of the deal were not disclosed
Netflix streams movies and television shows to online subscribers. By signing licensing agreements with companies like Twentieth Century Fox, Netflix can gain access to a wider array of content to offer viewers.
The company said its latest agreement will give it access to all past seasons of shows including Prison Break, 24, The X-Files and Arrested Development. It will also be able to stream movies like Gentlemen Prefer Blondes, Wall Street and Office Space.
Netflix expects more films and TV series to be added over the next few years.
Shares rose $1.56, or 2.1 percent, to close at $74.35. The stock has traded between $62.37 and $304.79 over the last year.