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Photo: Chesnot / Getty Images

Netflix is in the early stages of developing a "sharp, balanced" news show, sources tell MarketWatch. The show would be a weekly news magazine show, similar to the style of CBS's "60 Minutes" or ABC's "20/20."

Why it matters: The tech giant has invested upwards of $8 billion in content to lure viewers from tech and legacy television rivals, but has steered clear of original news so far — with the exception of mostly licensed documentaries.

Technology platforms have traditionally stayed away from news shows, because it can be difficult to compete with the journalistic quality and ethos of networks that are experts in news-gathering and have the infrastructures to support investigative work with a quick turnaround.

  • The state of play: "60 Minutes" turned 50 years old last year. ABC's "20/20" will turn 40 this year.

However, Netflix may be wading into more serious entertainment content, with rumors swirling — first reported by the NYT last week — that the tech giant is in talks with former President Barack Obama about creating a documentary series highlighting uplifting American stories.

Our thought bubble: Traditional broadcast has recently competed more aggressively with cable news, as the 24/7 political news cycle driven by President Trump has gauged consumer interest. News content ahead of the 2018 midterms could be a strong opportunity for Netflix to compete with both broadcast and cable television networks for viewership.

Go deeper

Mike Allen, author of AM
7 mins ago - Politics & Policy

Biden's inauguration signals a great American reset

President Biden prepares to walk the abbreviated parade route in front of the White House after the inauguration. Photo: Mark Makela/Getty Images

President Biden had exited his Cadillac with the new "46" license plates and was strolling a short stretch of Pennsylvania Avenue toward his new home when he spotted "Today" show weather legend Al Roker.

The big picture: Biden dropped Jill Biden's hand — no warning — and trotted over to the delighted Roker. POTUS gave Roker a fist bump and said, "Gotta keep doing this!" It was a very Joe moment in a day that was designed to signal a return to normality in a turbulent America.

Chuck Schumer is now majority leader as 3 new Democratic senators are sworn in

Sen. Chuck Schumer (D-N.Y.) is officially Senate majority leader after the inauguration of Vice President Kamala Harris and the swearing-in of new Sens. Alex Padilla (D-Calif.), Jon Ossoff (D-Ga.) and Raphael Warnock (D-Ga.).

Why it matters: With a 50-50 Senate, Schumer will control a narrow majority with Harris as the tie-breaking vote. Democratic control of the Senate is crucial to President Biden's agenda, from getting his coronavirus relief proposal passed to forgiving student debt.

1 hour ago - Technology

QAnon faces the music

Illustration: Eniola Odetunde/Axios

Supporters of former President Donald Trump who thought he was about to stop the inauguration, seize power and crush his enemies were left blinking in the sunlight Wednesday as President Biden took the oath of office.

Why it matters: It's an inflection point for anyone who realizes they've been strung along by QAnon and related strands of pro-Trump magical thinking. They could either retreat from conspiracy theories or tumble deeper down the rabbit hole.

You’ve caught up. Now what?

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