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Ben Affleck’s AI company is sold for more than $500 million
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Netflix has revealed just how big it is betting on artificial intelligence, shelling out more than half a billion dollars for one of the early AI movers in Hollywood.
In March, the Los Gatos-based company announced it was acquiring Ben Affleck’s AI film tech company, InterPositive. A new securities filing shows that the streaming giant paid $587 million for the “Good Will Hunting” actor’s company. The disclosure was made last week in a Netflix filing with the Securities and Exchange Commission.
Netflix Paid $587 Million for Ben Affleck’s AI Startup InterPositive
Netflix paid $587 million in cash when it purchased Ben Affleck‘s AI startup InterPositive, the company disclosed in a federal filing.
As part of the company’s Form 10-Q report with the Securities and Exchange Commission, Netflix confirmed that it completed an acquisition in March “for a total purchase price of approximately $587 million. The disclosure came months after a Bloomberg report indicated Netflix’s March acquisition could amount to up to $600 million for Affleck and InterPositive’s investors, even if the total price for the company was less than that amount.
The remainder would be made up through “certain performance targets,” according to the Bloomberg report. Netflix did not respond to an immediate request for comment.
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Netflix (NFLX) Is Buying Ben Affleck's AI Film Startup For $587 Million
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Netflix acquired InterPositive, an AI-focused film post-production startup co-founded by Ben Affleck, in a cash deal valued at $587 million.
The company disclosed the transaction as it moves to integrate artificial intelligence tools more deeply into its content production workflows.
The deal highlights Netflix's interest in applying AI to editing, visual effects, and other post-production tasks across its film slate.
For investors tracking NasdaqGS:NFLX, this AI-focused acquisition lands at a time when the stock has been under pressure, with the share price at $68.95 and down 24.2% year to date and 44.1% over the past year. Over shorter periods, the stock is also lower, with declines of 6.6% over the past week and 10.9% over the past month. The 3 year and 5 year returns remain positive at 61.0% and 33.5% respectively.
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