Netflix has acquired the international distribution rights to the latest “SpongeBob” movie, people familiar with the deal said. Variety.
The streaming giant acquired the foreign rights to “SpongeBob: Sponge on the Run,” the twice-delayed Paramount Animation title from Viacom. The film is one of many theatrical releases thwarted by the coronavirus pandemic this year.
The deal excludes China, where Netflix has no presence, a source said. Paramount also has plans to release the film in Canada at some point, added another individual, after which Netflix will stream the film in that territory.
Representatives for Netflix and Viacom had no immediate comment.
The international release date for the third film in the “SpongeBob” franchise has not been set, but Netflix is not committed to the 2021 national debut before offering the film to its overseas clients.
Paramount announced in late June that “Sponge on the Run” would forgo theaters entirely and debut as a paid VOD title in early 2021, before heading to its sister streaming service CBS All Access as a home entertainment exclusive. .
While the film’s budget is unknown, the latest installment of the animation hybrid cost approximately $ 60 million. MRC co-finances the project. Between the Netflix and CBS All Access offerings, Paramount has borne the cost of the project, the sources said.
The acquisition is one of several recent transactions between Netflix and Paramount, including the transfer of films such as Kumail Nanjiani and Issa Rae’s “Lovebirds”, Aaron Sorkin’s “Trial of the Chicago 7” and Martin Scorsese’s “The Irishman”.
The delightful kids cartoon (and stoner icon) first appeared on Nickelodeon. The second movie, which was released by Paramount, grossed over $ 350 million worldwide.
