Report: Netflix Developing News Show

Netflix won’t be setting up a news service anytime soon, but, the streaming service is in the early stages of developing what it hopes will be a “sharp, balanced” news show, according to Marketwatch.

A TV executive, who recently collaborated with Netflix on a documentary series, said the streaming giant is planning a weekly news magazine show to rival longstanding network shows CBS’s ”60 Minutes” and ABC’s “20/20.”

“Netflix have spotted a hole in the market for a current affairs TV show encompassing both sides of the political divide and are seeking to fill it,” said the person, speaking on condition of anonymity. Netflix didn’t respond to a request for comment.

The streaming giant initially eschewed news coverage in favor of commissioning drama, comedy and documentaries. But lately it has been on a current affairs talk show-buying frenzy, signing up comedians David Letterman, Joel McHale, Hasan Minhaj, Michelle Wolf and Norm MacDonald to present programs that will be significantly devoted to satirizing the news.

But Netflix is also on the lookout for less irreverent and comedic takes on the news. Last week, it was revealed they were reportedly in advanced negotiations with former President Barack Obama to produce a series of high-profile shows.

Netflix is expected to spend roughly $8 billion on content in 2018 to fund 700 shows and films, rising to $12.2 billion in 2020. While news magazine shows have been eclipsed by reality TV in recent years, with the news cycle becoming ever more partisan and frenzied under President Trump, the streaming service hopes they can revive the genre.