Netflix shares rise as streaming service hires top TV producer

on Feb 14, 2018

Netflix shares closed higher in the US Tuesday, as the global online streaming service announced it has hired star TV producer Ryan Murphy. The news comes just as the streaming industry is becoming more competitive, with Disney set to enter the fray.

The five-year deal could be worth as much as $300 million, according to numerous reports.

Netflix shares closed 0.12% higher at $258.27, in the US Tuesday. After-hours activity currently places the Netflix stock a little in the green.

Netflix adds star producer

Murphy will officially join Netflix in July this year and will see the producer, writer, director create new TV series and films exclusively for the streaming service.

Netflix’s latest new hire is a well-known star producer. Responsible for TV hits such as American Horror Story, Nip/Tuck and Glee, Murphy will leave his role at 20th Century Fox TV before beginning his new challenge with Netflix.

“Ryan Murphy’s series have influenced the global cultural zeitgeist, reinvented genres and changed the course of television history,” said Netflix chief content officer, Ted Sarandos.

“His celebrated body of work and his contributions to our industry speak for themselves, and we look forward to supporting Ryan in bringing his broad and diverse stories to the world,” Sarandos added.

“The history of this moment is not lost on me,” Murphy said in the Netflix press release. “I am a gay kid from Indiana who moved to Hollywood in 1989 with $55 dollars in savings in my pocket, so the fact that my dreams have crystallized and come true in such a major way is emotional and overwhelming to me.”

Netflix steps up its content plans

The move to hire Murphy confirms Netflix’ commitment to producing stellar original content for its global subscribers. It’s also likely a blow to Disney, as reports suggest Murphy was a popular choice to work with the enlarged company once the Disney/Fox deal completes.

However, Murphy is already working with Netflix and two original shows, ‘Ratched’ and ‘The Politician’ will premiere on Netflix.