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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 ...