Netflix is gearing up for a major investment in an AI start-up company founded by Ben Affleck, per a new report. The streaming platform is reportedly preparing a deal that could be worth up to $600 million for InterPositive. This marks one of the company’s most significant technology investments in recent years.
Netflix buy out Ben Affleck’s AI start-up InterPositive per reports
Netflix has reportedly moved forward with the acquisition of InterPositive, an AI start-up company founded by Ben Affleck.
According to Bloomberg, the transaction could ultimately be valued at as much as $600 million if certain performance conditions related to the company are met. The report noted that the initial payment made by Netflix was lower than that amount. However, as of now, Netflix has not publicly addressed the reported valuation.
The streaming service confirmed on March 5 that it had reached an agreement to acquire InterPositive. However, financial details of the transaction were not disclosed. As part of the acquisition, the start-up’s entire 16-person team of engineers, researchers, and creative professionals will join Netflix. Affleck will also remain involved with the project in an advisory capacity, serving as a senior adviser to the company.
Following the acquisition, Netflix plans to provide access to InterPositive’s technology to filmmakers and creative partners working with the platform. The company has indicated that it does not currently plan to offer the tools for commercial sale.
Bela Bajaria, Netflix’s chief content officer, said the technology is designed to support creators. She added, “We’re excited to build on that legacy together, with creators and their artistic intentions at the center of everything we do.”
In a statement addressing the acquisition, Affleck said, “I couldn’t be happier for this work to continue with the team at Netflix, and look forward to providing the broader creative community with access to what we build and the future we’re working towards together.”
Originally reported by Disheeta Maheshwari on ComingSoon.
