Netflix Inc. (NASDAQ: NFLX) reportedly is planning to create a weekly TV news segment to rival CBS’ “60 Minutes” and ABC’s “20/20”, according to MarketWatch.
A TV executive who has worked with Netflix recently told MarketWatch that Netflix is “proceeding with caution” to enter the TV news business with a “sharp, balanced” weekly show.
“Netflix have spotted a hole in the market for a current affairs TV show encompassing both sides of the political divide and are seeking to fill it,” said the person, requesting to remain anonymous. Netflix declined to comment on the matter.
Satirical news and political news are highly popular on media platforms during the current U.S. President Donald Trump’s term, which has made it a highly appealing option to enter into the news sector of media.
Netflix has previously gone into talks about acquiring the rights to comedic content such as David Letterman and Joel McHale to launch shows satirizing the news.
The company also revealed recently that it was in negotiations with former U.S. President Barack Obama to produce a series on inspiring others, which is directing the company towards a now more political stance.
"Netflix are proceeding with caution over this because they're well aware that most new current affairs shows underwhelm and are expensive," the source continued. "They want to make their show economically viable without compromising the production costs and newsgathering operation." added the unnamed source.
In Netflix’s fourth quarter earnings call, CEO Reed Hastings said he expects the company to spend approximately $7.5 billion to $8 billion on content in 2018, and even more in 2019 and 2020. The increased expenditures signals Netflix’s initiative to push out more original content and even the floating speculation of its own news content, which would be the first of its kid.