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Netflix in talks for ad tie-ups

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Netflix Inc is in talks with several companies for ad partnerships, co-CEO Ted Sarandos said Thursday, as the streaming titan seeks to slow subscriber growth by rolling out a cheaper plan with ads.

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Media earlier this week reported that he was in talks with Alphabet Inc’s Google and Comcast Corp’s NBCUniversal over possible marketing tie-ups.

“We’re talking to all of them right now,” Sarandos said at the Cannes Lions conference when asked which company Netflix was looking to partner with.

Alphabet and Comcast did not immediately respond to Reuters requests for comment.

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After losing subscribers for the first time in a decade and projecting a drop of 2 million in the next quarter, Netflix said in April it was seriously considering advertising.

“We’re not adding ads to Netflix like you know today. We’re adding a level of advertising for people who say ‘hey I want a lower price and I’ll watch the ads,'” Sarandos told the Cannes Lions.

Netflix’s toughest challenger – Walt Disney Co’s Disney+ – has also said it will introduce an ad-supported tier, as the pandemic streaming boom wanes, competition tightens and rising inflation pinches consumer spending on entertainment.