Netflix rumored to spend $100 million or more outbidding cable networks for one new TV show

While Netflix CEO Reed Hastings has suggested the company would avoid getting into the content business, Deadline Hollywood reports it outbid cable channels like HBO and AMC for a new David Fincher drama starring Kevin Spacey called House of Cards. The post goes on to suggest that the deal is still being negotiated but Netflix will be on the hook for two season which could cost it more than $100 million. Right now Netflix is flush with the cash of its 20 million strong subscriber base, but so far it has focused on enhancing it's $8 / month streaming package by spending on quantity, not necessarily quality new content even after deals with Relativity Media and Epix. A deal like this changes things completely and puts it directly in competition with the pay-TV biz, but we'll wait and find out how much of the rumor is true before putting up a deathwatch for HBO, Showtime and the rest.