Yahoo Finance Netflix (NFLX) Acquires Kim Kardashian's Comedy The Fifth Wheel
Netflix NFLX has won the bidding war for upcoming comedy The Fifth Wheel. The package includes Kim Kardashian, Paula Pell and Janine Brito as co-writers and producers. All three — Kim Kardashian, Paula Pell and Janine Brito — are represented by WME.
Kim Kardashian has gained attention for her role in FX's American Horror Story. Paula Pell, a Saturday Night Live veteran, has an extensive background working with Tina Fey on 30 Rock and with Amy Poehler and Judd Apatow. Janine Brito, making her major screenplay debut, has acted in Wine Country and is known for her work on the series GIRLS5Eva.
The logline of The Fifth Wheel is currently under wraps but it features Kim Kardashian playing the eponymous "fifth wheel" alongside a female ensemble cast.
The package was acquired by Niija Kuykendall’s mid-budget film team at Netflix. This acquisition is the first major sale following the settlement of the SAG-AFTRA strike earlier this month. Despite concerns about the impact of the strikes on the market, this bidding war highlights the continued vitality of such competitive auctions as the year comes to an end.
The idea was conceived by Pell and Brito, and after pitching it to Kim Kardashian immediately following the end of a strike, the package hit the market within days. NFLX emerged as the winner, making the winning offer right after Thanksgiving. Kim Kardashian has been actively involved in the selling process, attending each meeting to deliver the pitch.
The company is anticipated to gain from its diversified content portfolio in the near term. For the fourth quarter of 2023, the company forecasts earnings of $2.15 per share, significantly up from 12 cents reported in the year-ago quarter. The Zacks Consensus Estimate for the same is pegged at $2.18 per share, currently higher than the company’s expectation.
Total revenues are anticipated to be $8.69 billion, suggesting growth of 10.7% year over year or 12% on a foreign-exchange neutral basis. The consensus mark for revenues is pegged at $8.7 billion, higher than the company’s expectation and indicating 10.86% growth from the figure reported in the year-ago quarter.
Netflix, Inc. Price and Consensus
Netflix, Inc. price-consensus-chart | Netflix, Inc. Quote
Expanding Content Portfolio for 2024 to Fend Off Competition
Fans will be pleased to know that shows, such as Emily In Paris, Heartstopper and The Night Agent, will return in 2024. New series like Fool Me Once and Love Is Blind: UK are also scheduled to release in the same year.
Netflix will enter 2024 with the Michelle Yeoh-starring dark action-comedy The Brothers Sun, the eighth season of Queer Eye and Sofi Vergara’s miniseries Griselda. The live-action Avatar: The Last Airbender series will arrive in February, followed by 3 Body Problem.
NFLX has set its upcoming series 3 Body Problem for release on Mar 21, 2024. Based on the international bestselling book trilogy of the same title by Chinese Liu Cixin, the show is described as a thrilling story that redefines sci-fi drama with its layered mysteries and genre-bending high stakes.
Netflix’s The Umbrella Academy will have a big year in 2024 with the release of the fourth and final season on the global streaming service.
Bridgerton season 3 ended up being bumped to 2024 from a rumored late 2023 release, while Emily in Paris season 4 missed the show’s annual December release due to the strikes.
Netflix, a Zacks Rank #3 (Hold) company, has gained 62.6% year to date compared with the Zacks Consumer Discretionary sector’s rise of 12.4% due to its extensive collection of originals. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Netflix has been benefiting from a strong content portfolio amid stiff competition in the streaming market from the likes of Apple AAPL, Disney DIS and Amazon AMZN.
Apple expanded content for the holiday season with the addition of Home for Christmas, a new musical special in which Hannah Waddingham performs several classic songs. For Christmas, AAPL will release new seasonal episodes of family favorites, such as Frog and Toad, Shape Island and The Snoopy Show. A new singalong version of Spirited, starring Will Ferrell and Ryan Reynolds, will be available on Dec 1. The Family Plan, an action comedy, will be released on Dec 15.
Amazon Prime Video provides an extensive selection of high-quality original content and a substantial library of movies and TV shows. Additionally, subscribers have the choice to purchase or rent movies. Its upcoming content includes titles like A Good Person, Fantasy Football and Bye Bye Barry.
Disney's streaming service is a one-stop destination for exclusive movies and series from Disney, Pixar, Marvel, Star Wars and National Geographic. DIS’ upcoming content includes Assembled: The Making of Loki Season 2, Christmas with Walt Disney and The Shepherd.
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