Gate News message, April 17 — Reed Hastings, co-founder and chair of Netflix, will step down from the company’s board in June, ending nearly 30 years at the streaming giant that he transformed from a DVD-by-mail service into a $450 billion business. Netflix announced the departure in its first-quarter earnings report on Thursday, which disappointed investors and sent the stock price down 9.6% in after-hours trading.
The company’s Q2 earnings per share guidance of 78 cents fell short of Wall Street’s expected 84 cents, adding to market disappointment. Netflix had previously pursued an $83 billion deal to acquire WBD’s studio and streaming assets but withdrew from the transaction in February. Co-CEO Ted Sarandos said the company was willing to walk away when “the cost of this deal grew beyond the net value to our business.”
Hastings, a prominent Democratic donor who runs the Hastings Fund focused on education and social equity, said he wants to focus on his philanthropy and other pursuits. He had already begun stepping back from day-to-day operations in 2020 when he appointed Ted Sarandos as co-CEO; Greg Peters joined Sarandos in the role in 2023. With Hastings’ departure, Netflix enters a new era led by Sarandos and Peters as they navigate challenges including audience engagement, adaptation to Hollywood changes, and strategic priorities following the failed WBD acquisition.
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