Netflix Reap with Visual Effects and Animation Firm DNEG in $ 350M Extension –

Visual effects and animation firm DNEG has extended its contract with Netflix until 2025.

Includes movies and TV titles made under the partnership Stranger Things And The Adam Project.

The non-exclusive deal is valued at $ 350 million, according to an SEC filing.

DNEG’s redefine division will also provide VFX services and provide top-end creative oversight for selected Netflix programming.

In addition to the upcoming fourth season of Stranger Things, there are other projects under contract Knives Out 2, The School for Good and Evil And Avatar: The Last Airbender; The Witcher: Blood Origin; And the upcoming Fantasy Comedy-Adventure Slumberland For director Francis Lawrence.

DNEG is also working on an animated feature film NimonaWhich will be released by Netflix in 2023.

Previous Netflix titles have DNEG contributions Locks and keys, Shadows and bones, Irregular, Cursed, Black Mirror and The Dark Crystal: The Age of Resistance. The company won a Visual Effects Society award for its work Modified carbon And for that it won a BAFTA TV Craft Award Black mirror. Redefine Netflix has provided VFX for movies such as White tiger, Mm And Sweet girlAnd now Adam Sandler is producing the movie Hurry up.

The announcement comes amid an active phase for DNEG, which last week announced the opening of a new facility in Toronto, as part of plans to increase capacity by 40% by the end of the year. The Hill Effect Firm expects to close a SPAC merger with Sports Ventures Acquisition Corporation by the end of the first half of 2022, with the entity trading on Nasdaq in the United States.

“Netflix is ​​a leader in streaming content, and DNEG is at the forefront of VFX and virtual production services. The agreement is a turning point for DNEG and an opportunity to further expand our global reach and invest more in DNEG’s industry-leading technology, “said Namit Malhotra, CEO of DNEG. “The signing of this multi-year agreement reflects the success of our partnership with Netflix and validates DNEG’s strategic direction and global growth initiatives.”

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