NBC Universal outbids Netflix and pays $500m for the rights to stream The Office

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NBC Universal has outbid Netflix to pay $500million for the rights to host The Office on its new streaming service when it launches in 2021. 

The network announced on Tuesday that it will pay $100million per year to host all nine series of the show exclusively on its site when it launches. It will stay on Netflix until its current contract runs out in January 2021. 

The show was originally produced by Universal Television, which NBC Universal owns. 

In an announcement on Tuesday, Pearlena Igbokwe, President of Universal Television said it was one of the network's 'most prized' series.