Streaming giant Netflix Inc NFLX unveiled plans to acquire Australia-based Animal Logic, an animation studio that has worked on Hollywood blockbusters from "Happy Feet" to "The Lego Movies."
What Happened: Netflix, which has produced several animated titles, including Oscar-nominated films "Over the Moon" and "Klaus," said the acquisition would accelerate its efforts to build end-to-end animation production capabilities.
"Netflix has been investing in animation over the past few years, and this furthers our commitment to building a world-class animation studio," Amy Reinhard, Netflix vice president of studio operations, said in a statement.
Netflix and Animal Logic did not elaborate more on the buyout details. However, the company said the acquisition is subjected to regulatory approvals and is expected to close later this year.
The announcement from Netflix came ahead of its quarterly earnings report.
Meanwhile, the company said it lost 970,000 subscribers in the second quarter, less than half of what Wall Street feared. This was a better quarter for the company that lost more than a million customers in the first half of 2022 – thanks to the new season of Netflix's most popular English-language series "Stranger Things."
Price Action: According to data from Benzinga Pro, Netflix has a 52-week high of $700.99 and a 52-week low of $162.71. The shares closed 5.61% higher at $201.63 a piece on Tuesday.
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