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Wed. 22 Sep 2021, 12:14pm ETBenzinga
In: M&A, News, Media

Netflix Inc. (NASDAQ:NFLX) has acquired the catalog of the Welsh writer Roald Dahl, whose works include the classic stories "Charlie and the Chocolate Factory" and "James and the Giant Peach" for an undisclosed sum

What Happened: According to a Bloomberg report, the streaming service plans to adapt Dahl's characters and stories into animated and live-action films and TV series, publishing projects, games, theater productions and consumer merchandise.

Netflix had previously signed a deal with the Roald Dahl Story Co. in 2018 to create animated shows based on his material, including a new production based on Dahl's novel "Matilda," but the new deal would give the streaming service a wider scope of ownership to Dahl's output, which sold more than 200 million copies.

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Why It Matters: Dahl's literary output also included "The Witches" and "Fantastic Mr. Fox" — both were made into popular films — and his macabre short stories inspired the anthology television series "Tales of the Unexpected." A new film inspired by "Charlie and the Chocolate Factory" that traces the back story of Willy Wonka is being developed by AT&T's (NYSE:T) Warner Bros. for Timothée Chalamet.

The deal is the largest property acquisition for Netflix, which has traditionally signed deals with filmmakers for specific films and programming.

Photo: Penguin.