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Report: Netflix planning weekly news magazine show

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.

Dan Primack 1 hour ago
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Why the stock markets are tanking

Stock market trader adjusts his glasses.
Photo by Xinhua/Wang Ying via Getty Images

Stock markets are down sharply on Thursday, with the Dow Jones Industrial Average off around 1.25% as of 2 p.m. EST.

Three key drivers: Tariffs, inter-bank lending rates and Facebook's troubles.

Caitlin Owens 3 hours ago
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How Congress missed yet another chance for an immigration deal

Congressional leaders with President Trump
Congressional leaders with President Trump. Photo: Olivier Douliery - Pool / Getty Images

Congressional leaders and the White House failed to come to an agreement on temporary protections for Dreamers over the past week as part of the giant spending bill, leaving the issue unresolved.

Why it matters: After all of the fighting over President Trump's decision to end DACA — including a government shutdown over it — the White House and Congress ended up with nothing. The issue is currently tied up in the courts. And though both sides agree it's better to give Dreamers more certainty over their future, they just can't agree how to do it.