Netflix and Sony Pictures Expand Global Pay-1 Deal in Landmark Licensing Agreement

Netflix and Sony Pictures Entertainment are deepening their long-running relationship with a sweeping new multiyear agreement that will significantly expand the streamer’s access to Sony’s film slate around the world.

The new arrangement will begin phasing in during late 2026 as territory rights become available, with full implementation expected by early 2029. Under the agreement, Netflix will secure exclusive global Pay-1 rights to Sony Pictures’ theatrical features following their complete theatrical and home entertainment windows. While Netflix already holds Pay-1 rights in the United States, Germany, and much of Southeast Asia, the expanded deal dramatically broadens that footprint worldwide.

In addition to first-window rights for new theatrical releases, Netflix will also license a curated selection of Sony Pictures Entertainment feature films and television library titles, further strengthening its catalog with established franchises and proven audience favorites.

Financial terms were not officially disclosed, but sources indicate the agreement is valued at more than $7 billion, making it the largest Pay-1 licensing deal ever struck. By comparison, Netflix and Sony’s original five-year domestic Pay-1 agreement was valued at $2.5 billion, highlighting the scale and ambition of the expanded pact.

“Our members all over the world love movies, and giving them exclusive access to Sony’s much-loved films adds incredible value to their subscriptions,” said Lauren Smith, Netflix’s vice president of licensing and programming strategy. “Sony’s impressive slate of iconic film franchises like Spider-Man: Across the Spider-Verse and originals like Anyone But You have been popular with our U.S. audience, and now we’re excited to expand that offering to our members all around the world.”

Sony Pictures Television executive vice president of global distribution Paul Littmann described the collaboration as “incredibly valuable,” noting that several recent Sony releases experienced renewed momentum after landing on Netflix.

Titles including Uncharted, Spider-Man: Across the Spider-Verse, It Ends With Us, and Anyone But You all saw noticeable boosts in visibility and audience engagement following their streaming debuts. That performance is expected to continue as Sony prepares an ambitious theatrical slate for the coming years.

Among the studio’s upcoming releases are Spider-Man: Brand New Day, sequels to The Social Network and Jumanji, Spider-Man: Beyond the Spider-Verse, and Sam Mendes’ planned quartet of films centered on The Beatles, slated for release beginning in 2026.

“This new Pay-1 deal takes that partnership to the next level and reinforces the enduring appeal of our theatrical releases to Netflix’s global audience,” Littmann said. “It also underscores the strength of our independence and our ability to create opportunities that benefit creative stakeholders, consumers, and world-class partners.”

The agreement further solidifies Sony’s strategy of remaining a theatrical-first studio without a proprietary global streaming platform, instead maximizing the value of its content through premium licensing arrangements. For Netflix, the deal ensures a steady pipeline of high-profile studio films at a time when competition for blockbuster content continues to intensify across the streaming landscape.

The news arrives amid broader industry consolidation. Netflix currently has an agreement with Warner Bros. Discovery valued at $82.7 billion to acquire Warner Bros.’ film and television studios, HBO, HBO Max, and its games division. Meanwhile, Paramount Skydance has launched a hostile takeover bid for Warner Bros. Discovery, adding further uncertainty to an industry already in flux.