As its first mover advantage in the streaming video market looks set to diminish in the US, Netflix is reported to be looking to bring its over the top (OTT) video service south of the border.

According to reports in the Financial Times, Netflix is on the verge of closing deals with some of the biggest broadcasters in Argentina, Brazil, Chile and Mexico. Specifically, it is said—although Netflix and prospective partners all have so far declined to comment—that the over the top OTT provider is to acquire telenovelas and other content from Mexico’s Grupo Televisa and TV Azteca of, and Globo of Brazil.

Netflix has enjoyed a profitable period of late and posted a first-quarter 2011 profit of $60.2 million for the first quarter of 20111, adding 3.3 million US subscribers to total 22.8 million making it as big a contender as the leading Comcast.

Yet the company’s recently announced moves to product original content have caused concern among its content providers who see the move as threatening their own business lines.