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The Netflix co-founder and chairman Reed Hastings will step down from the streaming service's board of directors in June when his term expires, the company said on Thursday. Hastings plans to focus on philanthropy and other pursuits. Hastings had served as Netflix's CEO for more than 20 years until 2023 after taking over the role from his friend and fellow company co-founder Marc Randolph in the late 1990s. "My real contribution at Netflix wasn't a single decision; it was a focus on member joy, building a culture that others could inherit and improve, and building a company that could be both beloved by members and wildly successful for generations to come," he said in a statement. The company announced Hastings' departure along with its quarterly results Thursday, its first earnings report since walking away from its offer to buy Warner Bros. Discovery's studio and streaming business in February. Netflix shares fell nearly 9 per cent to $98.32 in after-hours trading after the ...
Netflix on Thursday launched its premier visual effects and virtual production hub, Eyeline Studios, in Hyderabad, marking a significant strategic push in the country's fast growing animation, VFX, gaming, and comics sector. The inauguration ceremony was attended by Telangana Chief Minister Revanth Reddy, state IT minister Sridhar Babu, information & broadcasting ministry secretary Sanjay Jaju, and actor-producer Rana Daggubati, alongside Jeff Shapiro, CEO of Eyeline Studios. Eyeline Studios is Netflix's premier innovation hub for visual effects and virtual production, where practical filmmaking and next-generation technology converge. Founded in 2019, the studio unified with Scanline VFX - a visual effects powerhouse established in 1989 - in 2025 to form a single, comprehensive creative force operating across three divisions: Studios, VFX, and Labs. Its proprietary capabilities include the Light Dome volumetric lighting system, LED volume stages, 4D capture systems, and ...
Netflix is declining to raise its offer to buy Warner Bros Discovery's studio and streaming business, in a stunning move that effectively puts Paramount in a position to take over the fellow storied Hollywood giant. On Thursday, after Warner's board announced that Skydance-owned Paramount's offer was superior to the agreement it had previously struck with Netflix, the streaming giant said that at the price that would be required to buy Warner, a deal was "no longer financially attractive." Unlike Netflix's bid, Paramount wants all of Warner's operations, including networks like CNN and Discovery. That would put CNN under the same roof as Paramount's CBS and combine two of Hollywood's last five remaining studios. Warner Bros Discovery has determined that Paramount's latest takeover offer is superior to the streaming and studio agreement it struck with Netflix, marking a stark shift in momentum in the fight for the storied Hollywood giant. The owner of HBO Max, DC Studios and popular
Warner Bros Discovery is briefly reopening takeover talks with Skydance-owned Paramount to hear the company's "best and final" offer, while the Hollywood giant continues to back the studio and streaming deal it struck with Netflix. In a Tuesday regulatory filing, Warner said it had received a waiver from Netflix to reopen talks with Paramount for the next seven days, or until Monday. Warner said this will allow the companies to discuss unresolved "deficiencies" and "clarify certain terms" of Paramount's latest bid. But in the meantime, Warner's board is still recommending shareholders support of its proposed merger with Netflix. A special meeting is now scheduled for Friday, March 20 to hold a vote on that deal. In a statement, Netflix said it was confident that its proposed transaction "provides superior value and certainty" - but recognised "the ongoing distraction for WBD stockholders and the broader entertainment industry caused by PSKY's antics." The streaming giant noted it ha