Steven Spielberg’s production company signs a deal with Netflix

By: Frank Pallotta

Steven Spielberg is partnering with Netflix. Getting Hollywood’s premiere director represents a major coup for the streaming service.

Amblin Partners, the film and TV production studio led by the blockbuster director, announced a partnership with the streaming company Monday that will include multiple new feature films per year for the service, according to the two companies.

Production deals are commonplace in the entertainment industry, but what makes Monday’s announcement stand out is that it’s another sign of the changing dynamics in Hollywood. Streaming services, especially Netflix (NFLX), have grown to major prominence in the industry. At the same time, traditional movie studios like Disney (DIS) and CNN parent company WarnerMedia have gone all-in on streaming.

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