Netflix founder Reed Hastings is giving up CEO role
Netflix co-founder and CEO, Reed Hastings, is in Sydney to meet with executives of other subscription streaming services, February 25, 2022. Netflix's Reed Hastings is giving up his CEO role but will remain on as chairman, the company announced along side its earnings report Thursday. Co-CEO Ted Sarandos will remain in his position. Greg Peters, most recently Chief Operating Officer, will assume the post of co-CEO in Hastings' place. "I want to thank Reed for his visionary leadership, mentorship and friendship over the last 20 years.
cnbc.comNetflix to rely on Microsoft for its ad-backed video service
Netflix has picked Microsoft help deliver the commercials in a cheaper version of its video streaming service expected to launch later this year with a pledge to minimize the intrusions into personal privacy that often accompany digital ads.
Netflix testing a new feature to curtail password sharing
Netflix is testing a new feature that could prevent non-subscribers from piggybacking off of a friend's or family member's account and effectively stop people from sharing passwords for the streaming service. "This test is designed to help ensure that people using Netflix accounts are authorized to do so," a Netflix spokesperson told CBS MoneyWatch. Netflix CEO Reed Hastings previously touched on password sharing without indicating any plans to take action. "Password sharing is something you have to learn to live with," he said in 2016. "There's so much legitimate password sharing, like you sharing with your spouse, with your kids, so there's no bright line, and we're doing fine as is."
cbsnews.comNetflix testing a new feature to curtail password sharing
Netflix is testing a new feature that could prevent non-subscribers from piggybacking off of a friend's or family member's account and effectively stop people from sharing passwords for the streaming service. "This test is designed to help ensure that people using Netflix accounts are authorized to do so," a Netflix spokesperson told CBS MoneyWatch. Netflix CEO Reed Hastings previously touched on password sharing without indicating any plans to take action. "Password sharing is something you have to learn to live with," he said in 2016. "There's so much legitimate password sharing, like you sharing with your spouse, with your kids, so there's no bright line, and we're doing fine as is."
cbsnews.comNetflix is testing a crackdown on password sharing
Co-founder and director of Netflix Reed Hastings delivers a speech as he inaugurates the new offices of Netflix France, in Paris on January 17, 2020. Netflix has never made a big deal about password-sharing, but a new test suggests the company may be reconsidering. "This test is designed to help ensure that people using Netflix accounts are authorized to do so," Netflix said in a statement. The trial may not lead to a larger crackdown around password sharing. About 33% of all Netflix users share their password with at least one other person, according to research firm Magid.
cnbc.comBezos and Bloomberg among top 50 US charity donors for 2020
Bezos is one of the 50 Americans who gave the most to charity in 2020, according to the Chronicle of Philanthropys annual rankings. โThere has been change building among private donors.โAll told, the 50 biggest donors contributed $24.7 billion in 2020, compared with $15.8 billion in 2019. The $1 billion-plus of giving by each of the top five on the Philanthropy 50 matches last yearโs record. No more than three donors gave $1 billion or more in any of the previous years. Colleges and universities received $2.2 billion from Philanthropy 50 donors in 2020.
Netflix shares rise on strong subscriber growth, considers share buybacks
Netflix's expectation of soon becoming free cash flow positive would bring to life the bull case for the stock. It's raised $15 billion in debt since 2011 and currently has $8.2 billion cash on hand. Free cash flow for Q4 was negative as predicted due to production restarts in some regions, but not as significant as expected. Free cash flow for full year 2020 was +$1.9 billion versus -$3.3 billion in 2019. Netflix executives spoke in depth about competing with Disney, much more so than in previous earnings interviews.
cnbc.comKhashoggi doc, too explosive for streaming, debuts on-demand
(Photo by Taylor Jewell/Invision/AP, File)NEW YORK โ Even before โThe Dissidentโ made its premiere at the Sundance Film Festival, director Bryan Fogel had a sense that his explosive Jamal Khashoggi documentary was going to be a tough sell. The film, available on-demand this week, was one of the most anticipated of last January's Sundance. The audience at Sundance included Hillary Clinton, Alec Baldwin and Reed Hastings, the Netflix chief executive. Mohammed denied Saudi Arabia was behind the murder, then eventually granted it was carried out by agents of the Saudi government. โUltimately, those risk assessments took the place of whether or not their couple hundred million subscribers would like to see this film,โ Fogel says.
Here's the final tally of where tech billionaires donated for the 2020 election
Tech executives, rich from an 11-year bull market that's disproportionately benefited their industry, were among the top political donors in the 2020 cycle. The vast majority of that money went to getting President Donald Trump out of office and helping Democrats take control of the Senate. The biggest chunk went to the Senate Majority PAC, a group backing Democratic candidates in the closest races, like in Maine, Texas and Iowa. Vinod Khosla donated $1 million each to the Senate Majority PAC and American Bridge 21st Century. Jessica Livingston, co-founder of start-up incubator Y Combinator, donated $5 million to Tech for Campaigns, which provides digital and technical assistance to Democratic groups.
cnbc.comNetflix misses on subscriber additions and EPS
The company fell short of analyst estimates on earnings per share and global paid net subscriber additions, but exceeded expectations on revenue. For the fourth quarter, Netflix forecast 6.0 million paid net adds, still well below the 8.8 million it added in the fourth quarter of 2019. It said it expects to be slightly negative on free cash flow in Q4 as production restarts. It expects free cash flow to be about $2 billion for the full year 2020, up from its previous break-even to positive estimate. For 2021, Netflix said it expects free cash flow to be -$1 billion to break-even.
cnbc.comRace for Los Angeles district attorney increasingly bitter
FILE - In this June 2, 2020, file photo, Los Angeles Mayor Eric Garcetti arrives to appeal to Black Lives Matter protesters in downtown Los Angeles. (AP Photo/Richard Vogel,File)LOS ANGELES โ After a scrappy debate that Los Angeles County District Attorney Jackie Lacey believed lifted her campaign and was a โdisasterโ for her opponent, she got a text message from the LA mayor with unwelcome news: He was switching his endorsement to her challenger. A little more than half is for Gascon, the vast majority from a handful of well-heeled backers supporting justice reforms. Gascon has gained support from protests over the death of George Floyd at the knee of a white Minneapolis police officer. Lacey said Gascon is pandering to supporters and that when he was San Francisco DA he never prosecuted a police killing case.
Netflix's โCutiesโ becomes target of politicized backlash
The backlash to the French independent film โMignonnes,โ or โCuties,โ started before it had even been released because of a poster that went viral for its provocative depiction of its young female actors. At the heart of the backlash is the idea that โCutiesโ is dangerously and irresponsibly sexualizing pre-teen girls, which, ironically, is what the movie itself is criticizing too. She becomes fascinated with a clique of rebellious girls at her middle school who choreograph dance routines and wear crop tops and heels. Netflix acquired โCutiesโ out of the Sundance Film Festival earlier this year where it was favorably reviewed and won an award for its direction. โOur girls see that the more a woman is overly sexualized on social media, the more she is successful.
Netflix promotes content chief to co-CEO; adds 10M new subs
NEW YORK Netflix added a flood of new subscribers amid the coronavirus pandemic and also offered clues to a possible successor for founding CEO Reed Hastings, who on Thursday named the company's chief content officer, Ted Sarandos, as co-CEO. This change makes formal what was already informal that Ted and I share the leadership of Netflix, said Hastings in a statement. The company picked up 10.1 million worldwide subscribers during the April-June period, more than triple what it usually adds in that period. The increase announced Thursday with Netflixs second-quarter earnings eclipsed the gain of 8.3 million subscribers projected among analysts polled by FactSet. Netflix ended June with 193 million worldwide subscribers, including 70 million in the U.S. and Canada, its largest geographic market.
Netflix CEO to donate $120M to historically black colleges
Netflix CEO Reed Hastings and his wife, Patty Quillin, are donating $120 million toward student scholarships at historically black colleges and universities. The couple is giving $40 million to each of three institutions: the United Negro College Fund, Spelman College and Morehouse College. The organizations said it is the largest individual gift in support of student scholarships at HBCUs. He launched a $100 million education fund in 2016, beginning with money toward college scholarships for black and Latino students. YouTube, meanwhile, pledged $100 million to help black artists and other creators.
CEO pay has topped $12.3M. Can it keep rising post-pandemic?
The 4.1% rise in median pay was a slowdown for S&P 500 CEOs, who had seen their pay jump 7.2% the year before and by even more in earlier years. SAY ON PAYThe slowdown in CEO pay across the S&P 500 is partly due to the increased voice investors have gotten on the subject, shareholder advocates say. The S&P 500 lost as much as a third of its value earlier this year, when worries about the recession were at their peak. Corporate profits, another key measure for CEO pay, are also expected to crater. Across the S&P 500, earnings per share will likely sink 33% this year, strategists at Goldman Sachs say.
AMDS Su, Discoverys Zaslav among highest paid CEOs
Change from last year: 338%Her pay vs typical company worker: 604 times, up from 165Overall ranking: No. Virginia M. RomettyIBM$19.1 millionChange from last year: 9%Her pay vs typical company worker: 354 times, up from 319Overall ranking: 57___5. David ZaslavDiscovery$45.8 millionChange from last year: -65%His pay vs typical company worker: 578 times, down from 1,511Overall ranking: No. Shantanu NarayenAdobe Inc.$39.1 millionChange from last year: 38%His pay vs typical company worker: 266 times, up from 200Overall ranking: No. Larry J. MerloCVS Health$36.5 millionChange from last year: 66%His pay vs typical company worker: 790 times, up from 618Overall ranking: No.
Disney+ has a big fan: Netflix CEO Reed Hastings
A scene from "The Mandalorian," an original Star Wars TV series that will stream on Disney+. Netflix CEO Reed Hastings is a big fan of Disney+. Disney announced its flagship subscription video service, Disney+, has gained more than 50 million subscribers in just six months since the service debuted in November. Netflix announced today it had 183 million global customers, up 15 million subscribers in the first quarter. NBCUniversal's Peacock and AT&T's HBO Max, two other subscription video services, will debut throughout the U.S. in the coming months.
cnbc.comNetflix says these three effects of the coronavirus crisis are impacting its business
In a letter to shareholders, the company said there are three ways the coronavirus crisis is impacting its business. "First, our membership growth has temporarily accelerated due to home confinement," Netflix said. The company announced it added 15.77 million paid international subscribers, versus the 7.2 million Wall Street expected. A stronger U.S. dollar is impacting international pricingNetflix expects a stronger U.S. dollar, partly due to the pandemic, to have a drag on international revenue growth. That decline in the average subscription price offsets its membership growth, Netflix said.
cnbc.comNetflix has replaced TV as the center of American culture just look at the viewership numbers
Reed Hastings, co-founder and CEO of Netflix attends the inauguration of Netflix new offices in Paris, France, January 17, 2020. The subscription video service also released numbers on how many households watched some of its hit series, and the numbers are jaw-dropping: 85 million households watched a least two minutes of Netflix original movie "Spenser Confidential." 65 million households checked out Spanish language series "La Casa de Papel," also known as "Money Heist." 64 million people watched "Tiger King." Netflix now has more than 183 million global customers after adding more than 15 million in the quarter.
cnbc.comStocks making the biggest moves midday: Netflix, Abbott Laboratories, BlackRock, Jack in the Box & more
Reed Hastings, co-founder and CEO of Netflix attends the inauguration of Netflix new offices in Paris, France, January 17, 2020. Abbott Laboratories Abbott shares climbed more than 4% after the biotechnology company reported quarterly results that surpassed analyst expectations. The company posted an adjusted profit of 65 cents a share on revenue of $7.73 billion. Wall Street expected earnings of 59 cents a share on sales of $7.44 billion. KeyCorp KeyCorp shares dropped more than 6% after the company posted disappointing earnings and revenue for the previous quarter.
cnbc.comNetflix just got a bunch of new parental controls here's how to use them
Previously, Netflix had a "Kids" profile that limited content to only kid-friendly content. Todd Haselton | CNBCThe easiest way is to get started is go to Netflix in your web browser from a computer. How to block certain movies and TV shows on NetflixRestrict certain movies or TV shows. Todd Haselton | CNBCYou can use this same page to block specific movies and TV shows in Netflix. How to lock a Netflix profile so your kids can't access itSet a profile lock.
cnbc.comNetflix CEO Reed Hastings talked with an EU official about how to keep the internet running smoothly
Reed Hastings, co-founder and CEO of Netflix, attends a meeting with France's President Emmanuel Macron during the "Choose France" summit, at the Chateau de Versailles, outside Paris, France, January 20, 2020. Netflix CEO Reed Hastings spoke with EU Internal Market and Services Commissioner Thierry Breton by phone to discuss how to keep the internet running smoothly as the coronavirus pandemic forces more daily activities to move online. Breton and Hastings will speak again in the coming days, according to Politico. In the U.S., telecommunications companies and the Federal Communications Commission have taken steps to try to secure internet service and keep consumers from paying high costs during the crisis. Several companies, including the four major telecom services, AT&T, Verizon, T-Mobile and Sprint, took the FCC's "Keep Americans Connected Pledge."
cnbc.comHere's where S&P 500 CEOs are placing their bets on 2020 campaigns
Chief executives of companies in the S&P 500 combined to spend at least $2 million on political causes in the fourth quarter of 2019, helping both Democrats and Republicans, according to a CNBC analysis of data provided by the Center for Responsive Politics. The two biggest contributors, Berkshire Hathaway's Warren Buffett and Netflix's Reed Hastings, gave to groups looking to elect Democrats in Congress this year. Buffett contributed just more than $245,000 to the Democratic Congressional Campaign Committee. The DCCC is focusing on protecting the Democrats' majority in the House of Representatives. Hastings wrote a $500,000 check to the Senate Majority PAC, a super PAC dedicated to assisting Democrats in their Senate races.
cnbc.comHow to stop Netflix from autoplaying preview videos
Netflix CEO Reed Hastings split the company in two in 2011, thinking that the growing ubiquity of high-speed Internet access would soon mean the end of their disruptive DVD mailing business. But neglecting the DVD business proved to be a mistake, and Netflix reversed course. You can now stop Netflix from automatically playing previews of shows as you're browsing to find something to watch. Netflix said on Twitter that, while some people found it helpful, others didn't like it. "We've heard the feedback loud and clear members can now control whether or not they see autoplay previews on Netflix."
cnbc.comNetflix stock climbed more than 7%, its best day of trading for the year
Netflix stock climbed 7.24% Thursday, its best trading day of the year. The stock climbed as much as 2.3% in after-hours trading following Tuesday's earnings report, then fell about 2% on Wednesday. Tuesday's earnings report was Netflix's first since streaming competition has picked up. Disney and Apple both launched their own streaming sites, Disney+ and Apple TV+, in November. "The company did not see a specific, significant impact on kids or family viewing levels following the domestic launch of Disney+ in November."
cnbc.comNetflix shares rise slightly despite weak guidance, domestic subscriber miss
But neglecting the DVD business proved to be a mistake, and Netflix reversed course. Shares of Netflix fluctuated in after-hours trading on Tuesday after the company reported fourth-quarter results. The company beat on the top and bottom lines for the quarter, but gave disappointing guidance for the first quarter. That's compared to analyst expectations for earnings of $1.20 per share and $5.76 billion in revenue. Despite this, Netflix said it still hopes to "move slowly" toward being free cash flow positive in the future.
cnbc.comFirst FANG stock report, home sales, J&J earnings: 3 things to watch for on Wednesday
Netflix was the first of the so-called FANG stocks to report its fourth-quarter earnings. The company grew US membership by 550,000 in the fourth quarter, versus 589,000 expected, per FactSet estimates. Johnson & Johnson also reportsJohnson & Johnson is set to report quarterly results on Wednesday before the bell. Johnson & Johnson has a good track record of beating Wall Street earnings estimates. Shares of Johnson & Johnson have had a rocky year as the company dealt with the opioid and talc powder litigation.
cnbc.comStocks making the biggest moves premarket: Boeing, Uber, Lyft, Netflix, Tesla & more
Uber (UBER), Lyft (LYFT) Uber and Lyft won a New York City court victory when a judge struck down a new rule that limits the time ride-hailing service drivers can cruise the streets of Manhattan without passengers. Spirit Airlines (SAVE) Spirit placed an order for 100 Airbus A320neo jets to be delivered through 2027, with options for 50 more. Netflix (NFLX) Netflix CEO Reed Hastings is in line for $34 million in stock options for 2020 on top of his $650,000 annual salary, according to a Securities and Exchange Commission filing. Tesla (TSLA) Tesla shares remain on watch after the automaker's shares hit an all-time high Monday. Advanced Micro Devices (AMD) RBC Capital raised its price target on the chip maker's stock to $53 per share from $50, after raising full-year estimates.
cnbc.comNetflix shares won the decade. Here are some guesses at what could be the top stock of the 2020s
Energy: NextEra Energy (NEE)The shift to clean energy is no longer about if, it's when. "We expect the drive towards cleaner energy to continue, as cleaner power generation isincreasingly competitive versus traditional fossil-fuel-based technologies," Credit Suisse said in a January note. We expect this segment to grow at least 15% for the next decade or longer," Credit Suisse said. "Over the next few years, the number of global connected devices is expected to grow exponentially, according to our technology analysts," Credit Suisse said. Today's shift is crucial, according to Bank of America, which says the current outlook is bleak, to say the least.
cnbc.comHere are the best-performing stocks of the decade
The semiconductor sector was the best-performing industry of the decade thanks to the rise in cloud infrastructure and data centers. CNBC used FactSet to screen for the best-performing stocks in the S&P 500 in the past decade. Angel Navarrete | Bloomberg | Getty ImagesChip stocks outperformSemiconductor stocks are the best-performing industry of the decade, so it may not come as a surprise that Broadcom and Nvidia made the best-performing stocks list gaining 1,982% and 1,411% since 2010, respectively. A decade of pizzaDomino's Pizza is one of the greatest turnaround stories of the decade, and the stock price is proof. The largest U.S. pizza delivery chain has gone from a stock price below $10 a share in 2010, to around $286 per share stock today.
cnbc.comWells Fargo downgrades Netflix: 'If content is king, then cash is queen'
Netflix CEO Reed Hastings split the company in two in 2011, thinking that the growing ubiquity of high-speed Internet access would soon mean the end of their disruptive DVD mailing business. But neglecting the DVD business proved to be a mistake, and Netflix reversed course. Wells Fargo downgraded Netflix on Monday and said the cost for the streaming service to acquire new subscribers will be "more expensive than investors realize." The firm lowered its rating on the stock to underperform from market perform and moved its price target down to $265 from $308. Wells Fargo said it also expects spending levels to remain elevated due to increased streaming competition from other services such as Apple, HBO, and Disney's recent launch of Disney+.
cnbc.comNetflix CEO Reed Hastings says subscriber numbers aren't the right metric to track competition
But CEO Reed Hastings said Wednesday that subscriber counts aren't the right metric to track who's winning the streaming wars -- what's really important is how viewers spend their time. "You'll hear some subscriber numbers but you can just bundle things so that's not going to be that relevant. But Hastings is right to point out that many of the major U.S. streaming services have already found distribution partnerships that will juice subscriber numbers in year one. Netflix itself has a deal with T-Mobile that gives mobile customers unlimited free Netflix. ', we want you to choose Netflix," Hastings said.
cnbc.comWatch Netflix co-founder and CEO Reed Hastings speak live
Netflix co-founder and CEO Reed Hastings will speak live Wednesday at the New York Times Dealbook Conference in New York City. He will likely discuss how Netflix plans to maneuver the so-called Streaming Wars, as traditional media titans Comcast, AT&T and Disney all prepare to launch their own streaming services to compete with preexisting streamers like Netflix and Amazon Prime Video. He has in the past applauded the increased competition as helping Netflix by weening users off of cable TV altogether, and getting them accustomed to streaming as a primary means of consumption.
cnbc.comHere's what every major analyst is saying about Netflix's earnings report
Wall Street analysts are breathing a sigh of relief after Netflix earnings beat the street on Wednesday after the bell. In fact, expectations remain high for Netflix going forward and rightly so according to analysts. Domestic subscriptions came in below estimates and competition looms from Disney and Apple though the company largely said it welcomed it. Shares of the company are up over 6% in early trading. Here's what else analysts are saying about Netflix's earnings report:
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