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Netflix Brings Letterman on Board, Series to be Out in 2018

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Netflix, Inc. (NFLX - Free Report) ) recently announced a late-night chat show with the icon David Letterman, who was last seen as the host of CBS’ Late Show in May 2015. Letterman is making a comeback on TV with Netflix’s yet-to-be-named six-episode series set to release in 2018.

The one-hour talk show will involve a single guest in a long-format interview as well as in-between segments. In a post, Letterman said, “I feel excited and lucky to be working on this project for Netflix.” He even revealed that the show will not have much resemblance with his past late-night shows that involved multiple guests, monologues and top 10 lists.

Netflix has brought on board the A-listers in comedy like Dave Chapelle, Ellen DeGeneres, Adam Sandler and Jerry Seinfeld. Netflix CCO Ted Sarandos was quoted saying that Netflix's original content effort will get a boost from bringing “a true television icon” like Letterman on board as he is a master at “out in the wild, out from behind the desk and interviewing the people he finds most interesting.”

Per sources, RadicalMedia, the company behind many Netflix series, will produce the 10 times Emmy award winner’s show.

The streaming giant also announced an anthology series named “The Ballad of Buster Scruggs” by Oscar-winning Coen brothers to premiere in 2018. The “mini-series” featuring Tim Blake Nelson as the titular character, Ryne Daley, James Franco, Zoe Kazan and others, will have six stories about America’s Wild West.

The development comes on the heels of Disney’s cancelled deal with Netflix. Disney’s pull out might result in a brief setback for the company. However, going forward, the number of initiatives taken by Netflix, including the development of more kids and family oriented content will enable it to establish itself as a leading content provider in our view.

Zacks Rank and Stocks to Consider

Currently, Netflix has a Zacks Rank #3 (Hold). 

Better-ranked stocks in the broader technology sector include Alibaba Group Holding (BABA - Free Report) , Luxoft Holding (LXFT - Free Report) and Lam Research (LRCX - Free Report) . While Luxoft and Lam Research sport a Zacks Rank #1 (Strong Buy), Alibaba sports a Zacks Rank #2 (Buy).  You can see the complete list of today’s Zacks #1 Rank stocks here.

Long-term earnings growth rate for Alibaba, Luxoft Holding and Lam Research is projected to be 28.97%, 20% and 17.2%, respectively.

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