Benzinga | Jan 13, 2022 11:57AM EST

Netflix OKs Back-To-Back Sequels For 'Red Notice'

Netflix (NASDAQ:NFLX) has given the green light for two back-to-back sequels of its 2021 streaming hit "Red Notice" starring for Dwayne Johnson, Gal Gadot and Ryan Reynolds.

What Happened: The sequels will reunite the three stars under the direction of Rawson Marshall Thurber, who also wrote and co-produced the film, according to a Deadline report. The sequels in this now-developing franchise will reportedly introduce new characters to expand the heist adventures from the original film.

No firm plans have been made for scripts or a production schedule, but the plan is to begin shooting in early 2023.

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Why It Matters: Netflix acquired the rights after Comcast Corporation's (NASDAQ:CMCSA) Universal Pictures, which picked up the property in a 2018 bidding war among the major Hollywood studios but dropped the project in July 2019, reportedly when its budget grew too large for the studio's comfort.

With a budget reported at $200 million, "Red Notice" is the most expensive Netflix production to date. The company gave the film a brief theatrical release on Nov. 5, 2021, before launching its streaming premiere seven days later.

Within a month, Netflix reported the film generated more than 277 million viewing hours, second (at the time) only to the audience response for "Bird Box."

Photo: Ryan Reynolds, Gal Gadot and Dwayne Johnson in a publicity photo for "Red Notice," courtesy of Netflix.