Netflix cofounder Hastings to step down after it lost Warner Bros deal
Al Jazeera·2h ago·Neutral
What Happened
Netflix Chairman Reed Hastings is leaving the company after 29 years following the failed $72 billion Warner Bros Discovery acquisition to Paramount Skydance. Hastings will not seek re-election at June's annual meeting to pursue philanthropy. Netflix stock dropped 8 percent on the announcement. The company reported Q1 revenue of $12.25 billion, up 16 percent yearly, and reaffirmed its full-year outlook. Netflix received a $2.8 billion termination fee.
Key Entities
Reed HastingsNetflixWarner Bros DiscoveryParamount SkydanceLightShed Partners$72 billion deal$2.8 billion termination fee