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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

Ben Geman, author of Generate
6 hours ago - Energy & Environment

Key clean power provision likely won't survive in Dems' spending bill

A construction worker walks along a dirt road at the Avangrid Renewables La Joya wind farm in Encino, New Mexico, on Aug. 5, 2020. Photo: Cate Dingley/Bloomberg via Getty Images

A pillar of Democrats' plans to speed deployment of zero-carbon electricity is likely to be cut from major spending and tax legislation they are struggling to move on a party-line vote, per multiple reports and a Capitol Hill aide.

Driving the news: The New York Times, citing anonymous congressional aides and lobbyists, reports that West Virginia Sen. Joe Manchin (D) has told the White House he "strongly opposes" the Clean Electricity Performance Program.

Updated 8 hours ago - World

Fatal stabbing of British MP David Amess declared a terrorist incident

Police outside Belfairs Methodist Church in Leigh-on-Sea, England, on Oct. 15. Photo: John Keeble/Getty Images

Authorities have declared the death of David Amess a terrorist incident, hours after the Conservative Party lawmaker in the U.K. was fatally stabbed while meeting with local constituents in a church in eastern England on Friday.

The big picture: The Metropolitan Police has found "a potential motivation linked to Islamist extremism."

Biden: DOJ should prosecute those who defy Jan. 6 subpoenas

President Biden speaks with reporters at Bradley International Airport in Windsor Locks, Connecticut. Photo: Brendan Smialowski/AFP via Getty Images

President Biden said Friday that the Justice Department should prosecute those who defy subpoenas from the Jan. 6 select committee.

Why it matters: The president's remarks come one day after Donald Trump ally Steve Bannon failed to show up for a deposition before the committee.

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