Movies/Entertainment: "Phone Home!" - Director Spielberg Inks Deal With Netflix

The acclaimed filmmaker Steven Spielberg has struck a multiyear deal to make movies for Netflix Inc., NFLX -1.30% a huge get for the streaming giant

as it faces increased competition for talent and content from deep-pocketed rivals such as Walt Disney Co. and Amazon.com Inc. Under the terms of the agreement, announced by Netflix and Mr. Spielberg’s Amblin Partners, the studio will make multiple new films for Netflix over the course of the agreement. The pact with Netflix doesn’t affect Mr. Spielberg’s long-term relationship with Comcast Corp.’s Universal Pictures where Amblin Partners is based. Netflix’s signing of Mr. Spielberg, whose body of work includes “Jaws” “E.T.,” and “Saving Private Ryan,” indicates that the company is keeping a sharp eye in its rear view mirror. Although Netflix is far and away the most popular streaming service around the globe, its competitors are growing in number and strength.