Seinfeld is coming to Netflix in 2021

Hello, Netflix.

Seinfeld is headed to Netflix in 2021 after the streaming giant purchased the show's global rights, the Los Angeles Times reported Monday. The news was confirmed in statements from both Sony and Netflix, with Netflix also excitedly informing subscribers on Twitter the wildly popular sitcom is on its way.

This is a major get for the streamer, which took two significant blows after it was revealed that The Office and Friends would both be leaving the service and jumping to Netflix competitors. Friends is headed to the new WarnerMedia streaming service, HBO Max, in 2020, while The Office is headed to NBCUniversal's new streaming service in 2021.

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Clearly hoping to make up for these impending losses, the Times reports Netflix pursued the Seinfeld rights quite aggressively and beat out bids from Hulu, Amazon, WarnerMedia, NBCUniversal and Viacom. Currently, Seinfeld's streaming home in the U.S. is Hulu, which bought the rights in a $130 million a year deal expiring in 2021. Netflix's deal is reportedly for five years.

As the streaming wars escalate and plenty of new companies attempt to launch services of their own, classic shows have become increasingly significant ticket items, especially given The Office and Friends' popularity on Netflix; a Wall Street Journal report earlier this year suggested The Office was the platform's number one show. And just last year, Netflix reportedly paid $100 million just to stream Friends for another 12 months.

This Netflix swap of two beloved NBC sitcoms for another will be completed in 2021. Brendan Morrow

Editor's note: This post has been updated to reflect the $130 million Hulu deal after the Los Angeles Times clarified the correct dollar amount.