Netflix shares rise as it expands LA office space, confirms more new content

Written by: Ilona Billington
November 14, 2018

Netflix shares closed in the green in the US Tuesday, after the TV streaming network agreed to occupy a larger part of a new Hollywood development. The US business also shared a number of new content deals, which will maintain a broad genre of shows for subscribers to enjoy.

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Netflix shares ended the US Tuesday trading session 0.11% higher at $294.40. The stock is currently marginally positive in out-of-hours activity.

Netflix leases additional LA office space

Reports show that Netflix has signed a further lease on Hollywood office space at The Academy, on Vine Street. After signing previous agreements, Netflix is now set to occupy all of the office space that will be created on the mixed-use site.

The office buildings are currently expected to be open for use around mid-2020, according to a Variety report.

“Our expansion into the Academy on Vine property further deepens our connection with the Los Angeles and Hollywood communities,” said Netflix exiting CFO, David Wells, in a statement.

That agreement follows soon after the streaming service signed a separate lease for the EPIC development, around one mile away from the Academy.

Netflix adds new content titles

The need for additional office space for Netflix comes as the media-tech business shared news of more new content for its subscribers.

The streaming service has created a new Hip Hop star talent show, which will see Cardi B, Chance the Rapper and T.I. as the three judges for the musical talent show, which is set to launch in 2019.

Rhythm and Flow will be a 10-episode series, in which the judges and additional guest stars will work to find the next breakthrough Hip Hop artist.

And, if that wasn’t enough, Netflix also announced Wednesday, that it has acquired the rights to stream British film ‘The Boy Who Harnessed the Wind’, Chiwetel Ejiofor’s directorial debut.

Ejiofor has written the screen play, based on a book of the same name, written by William Kamkwamba and Bryan Mealer.