"It's a first-look deal, which means Netflix gets first dibs but no obligation to bankroll every semi-royal whim," a source said.

Meghan Markle and Prince Harry have shared an update on their partnership with Netflix after it was reported that their previous deal wouldn't be renewed.

Prince Harry and his wife, Meghan, announced Monday that their media company's partnership with Netflix has been extended with a multiyear, first-look deal.