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Obamas discussing potential agreement with Netflix

Obamas discussing potential agreement with Netflix
Former First Lady Michelle Obama and former President Obama and arrive for the Obama Foundation Summit in Chicago on Oct. 13. (Charles Rex Arbogast / Associated Press)

Former President Obama and Michelle Obama are negotiating a potential programming agreement with Netflix Inc., according to media reports.

The negotiations, first reported by the New York Times, are for original content that could focus on the topics that were important to the Obamas during their time in the White House, such as healthcare, nutrition and children's health.

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Netflix and Eric Schultz, senior advisor to President Obama, declined to comment on the reports.

"President and Mrs. Obama have always believed in the power of storytelling to inspire," Schultz said in a statement. "Throughout their lives, they have lifted up stories of people whose efforts to make a difference are quietly changing the world for the better. As they consider their future personal plans, they continue to explore new ways to help others tell and share their stories."

It's unclear what the Obamas would be paid for any potential project.

Netflix is expected to spend a projected $7.5 billion to $8 billion on content this year, up from $6 billion in 2017.

In early February, the Los Gatos, Calif., company announced a multimillion-dollar deal with TV producer Ryan Murphy, whose shows include "American Horror Story" and "Glee." Last August, the streaming service snagged producer Shonda Rhimes, the woman behind "Grey's Anatomy" and "Scandal," from ABC.

Netflix shares jumped Friday, climbing 4.6% to $331.44.

Twitter: @jaclyncosgrove

UPDATES:

2:25 p.m.: This article was updated with Netflix's stock movement.

This article was originally published at 7:35 a.m.

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