The deal doesn't kick in until 2013, though. So, you know, take this as you will. Here are three options on how to take it:
1. It's a huge victory for Netflix and a handy rejoinder against all the charges that Netflix isn't landing any big deals to improve selection. Granted, it doesn't kick in for a while but a deal's a deal and we can all watch Shrek. Plus, it's a victory for Netflix over HBO which had a similar deal that isn't being renewed.
2. Netflix paid $30 million for this package, getting fleeced in the process. Content providers have Netflix over a barrel and will force these huge prices. That's bleak news for users because it will mean higher prices and more freakouts from people without real problems to freak out over.
3. Eh. No big deal.

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