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Netflix to double investments in France, produce more local shows

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Netflix to double investments in France, produce more local shows
FILE PHOTO: The Netflix logo is seen on their office in Hollywood, Los Angeles, California, U.S. July 16, 2018. REUTERS/Lucy Nicholson   -   Copyright  LUCY NICHOLSON(Reuters)
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PARIS (Reuters) – Streaming service Netflix Inc. <NFLX.O> plans to double its investments in France and produce 14 local shows, twice as many as previously planned, Chief Executive Reed Hastings said Friday.

Hastings did not disclose how much Netflix would invest in France, though it would be “many millions of euros”, he told French radio station BFM Business.

The U.S. tech company plans on setting up an office in Paris, the CEO told French business newspaper Les Echos in a separate report.

The decision comes as the number of subscribers has expanded quickly in France and now stands “in the region” of 3.5 million, Les Echos said.

Netflix has clashed in the past with French authorities over local regulations that force broadcasters to pay taxes to finance locally made movies and series.

(Reporting by Inti Landauro; Editing by Leigh Thomas)

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