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Investor reaction wasn't uniformly positive. Analyst Rich Tullo of brokerage Albert Fried & Co. said he doubts that DreamWorks has the capacity to produce more than one or two new series a year.
"It's physically impossible without this content being spread out over 10 years," he said.
Hit TV shows aren't guaranteed, and it's not clear that this will make up for Netflix's loss of Nickelodeon content, he said.
"Are they going to lose 2 million subscribers off losing Nickelodeon content? That's possible too," he said.
Netflix has gradually been shifting where it spends money — preferring exclusive and original content over shows that appear elsewhere, as was the case with content from Starz and Viacom. It let both of those deals lapse.
The company studies the viewing habits of its subscribers to gather insights into whether the programming is likely to be a hit on its service, and how much to pay for it. But not all of its picks have been winners.
After "Arrested Development" debuted last month, Netflix's shares dropped more than 6 percent because critics had mixed reviews. Monday's gains more than made up the lost ground.