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Visual effects and animation firm DNEG has reupped its multiyear services deal with Netflix for $350 million.
The terms of the deal will see DNEG do work on Netflix series and movies, in the U.S. and abroad, including a current 2022 slate that includes Knives Out 2, The School for Good and Evil, The Adam Project and Slumberland.
The new agreement extends and expands an earlier arrangement signed in 2020 that created a pipeline of Netflix programming work to run through 2025. DNEG disclosed in a May 9 SEC filing — related to plans to merge with a SPAC called Sports Ventures Acquisition Corp. to secure a Nasdaq listing — that Netflix will assign a minimum of $350 million of work to the VFX firm, “which may be increased if certain project award milestones are achieved.”
“Netflix is the leader in the field of streaming content, and DNEG is at the forefront of VFX and virtual production services. This agreement is transformative for DNEG and creates the opportunity for further expansion of our global scale and further investment in DNEG’s industry-leading technology,” said Namit Malhotra, DNEG Chairman and CEO, in a statement on Tuesday.
DNEG has won seven Oscars for its VFX work, and earlier produced effects for Netflix episodic series like Locke & Key, Shadow & Bone, The Irregulars, Cursed, Altered Carbon and Jupiter’s Legacy.
DNEG’s ReDefine brand earlier did VFX work for Netflix movies like The White Tiger and Mimi and Sweet Girl, and is in production on the Adam Sandler movie Hustle.
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