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Harry and Meghan sign multi-year Netflix deal

Lianna Brinded
·Head of Yahoo Finance UK
·2 mins read
August 4th 2020 - Duchess Meghan of Sussex celebrates her 39th birthday. She was born Rachel Meghan Markle in Los Angeles, California on August 4th 1981. - File Photo by: zz/KGC-178/STAR MAX/IPx 2019 2/24/19 Prince Harry and Duchess Meghan visit Lycee Qualifiant Grand Atlas and meet students and teachers in Asni Town, Atlas Mountains, Morocco.
Duchess Meghan of Sussex and Prince Harry. Photo: AP

Prince Harry and Meghan Markle have signed a multi-year deal with Netflix (NFLX).

The deal, first reported by the New York Times, will see the Duke and Duchess of Sussex make exclusive documentaries, docu-series, feature films, scripted shows, and children’s programming through a new yet-to-be-named production company they have formed.

Netflix declined to provide a statement to Yahoo Finance UK but instead directed us to the statement in the New York Times.

“Our focus will be on creating content that informs but also gives hope,” the Royal couple said in a statement. “As new parents, making inspirational family programming is also important to us.”

They added that Netflix’s “unprecedented reach will help us share impactful content that unlocks action.”

Financial terms were not disclosed.

Markle, who became famous for her role in the TV drama “Suits,” has been publicly adamant that she has no plans to return to acting.

Netflix — stock to watch

Investors will be watching the stock closely over the next few days along with any rumours on how much the deal is worth.

Netflix has 193 million subscribers worldwide and added nearly 25.9 million net new subscribers worldwide in the first six months of the year.

Just one week ago, the Netflix share price rocketed to a near all-time high, closing at $547.53 (£411.45) per share.

Chart: Yahoo Finance
Chart: Yahoo Finance

The share price rise pushed its market capitalisation to around $241bn, following its promising second quarter earnings. Analysts expect it to generate almost $25bn in revenue this year.

Investors have also been particularly positive on the stock after a Piper Sandler analyst published a positive research note about the streaming giant. Through the group’s proprietary consumer research arm, the biggest finding was that Netflix was the number one service people plan to keep post-pandemic.

“Netflix has furthered its position as the go-to streaming option,” the analyst said. “[W]hile we recognise some of the record-setting sub adds were pulled forward, we also believe the trend was an acceleration of an ongoing shift from broadcast TV to streaming.”

Once more details of the deal emerge, stock watchers will be seeing if Harry and Meghan have the “Joe Rogan Effect.”

Earlier this year, Spotify (SPOT) shares surged after it announced it had signed an exclusive deal with one of the world’s biggest podcasts — “The Joe Rogan Experience.” It ended up pushing the market capitalisation to its highest point in nearly two years to over $35bn.