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Netflix: 'The Office' Is Closed

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Streaming giant Netflix Inc. (NFXL) is set to lose the right to stream "The Office," one of the most popular TV show on the service.

NBC Universal announced it is taking back the popular TV show for its own streaming platform, beginning January 2021.

"We're sad that NBC has decided to take The Office back for its own streaming platform — but members can binge watch the show to their hearts' content ad-free on Netflix until January 2021," Netflix tweeted.

NBC Universal in a statement announced it "has secured the exclusive domestic streaming rights to 'The Office.' All nine seasons of this beloved NBC sitcom will be available on the company's soon-to-be-launched streaming service for five years, beginning 2021."

"'The Office' has become a staple of pop-culture and is a rare gem whose relevance continues to grow at a time when fans have more entertainment choices than ever before," said Bonnie Hammer, Chairman of NBCUniversal Direct-to-Consumer and Digital Enterprises. "We can't wait to welcome the gang from Dunder Mifflin to NBCUniversal's new streaming service."

"The Office," which debuted on NBC in 2005, was streamed for about 52 billion minutes in 2018, according NBC. In April, the show was viewed nearly twice as much as the next most-viewed program on streaming on-demand video.

Meanwhile, Walt Disney (DIS) has also pulled its content from Netflix as the entertainment giant is set to launch its own streaming service. Its Disney+ service launches later this year.

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