SAN FRANCISCO: Netflix has named Jay Hoag as the chairman of its board of directors, the streaming giant said in a filing Friday with the US Securities and Exchange Commission (SEC), following the departure of co-founder Reed Hastings. Hoag assumed the role after the company&#39;s annual shareholder meeting on Thursday, Netflix said. The company said in April that Hastings would step down at the end of his term to &quot;focus on his philanthropy and other pursuits.&quot; Hastings co-founded Netflix nearly three decades ago, and served as CEO for 25 years. Under his leadership, the company grew from a rent-by-mail DVD service to an entertainment powerhouse. Hoag has served as the board&#39;s lead independent director for more than a decade and has been a director since 1999. He also serves on the board for online real estate website Zillow and home-exercise company Peloton.

Film & TV

Hoag has served as the board's lead independent director for more than a decade and has been a director since 1999; also serves on the board for online real estate website Zillow and home-exercise company Peloton.


Netflix names new board chair as co-founder departs

SAN FRANCISCO: Netflix shares plummeted more than 9% on Thursday as the TV streaming titan&#39;s quarterly earnings failed to impress investors and co-founder Reed Hastings announced he is leaving. Hastings, who helped grow the revolutionary DVD-by-mail company into a global entertainment behemoth, will depart Netflix to &quot;focus on his philanthropy and other pursuits&quot; when his term as chairman of the board of directors ends in June. He ceded daily control of Netflix to co-chief executives Greg Peters and Ted Sarandos in early 2023. &quot;Netflix changed my life in so many ways,&quot; Hastings wrote in an earnings letter. &quot;My all‑time favorite memory was January 2016, when we enabled nearly the entire planet to enjoy our service.&quot; Netflix faces increasing competition from rival streaming services as well as short-form video platforms like TikTok that vie for consumers&#39; attention. The company based in Los Gatos, California, reported quarterly revenue of $12.25 billion, a result that slightly topped expectations. The share price slide came despite Netflix reporting profit of $5.28 billion, which was boosted by a fee received for the termination of a deal to buy Warner Bros. Discovery. During the recently ended quarter, Netflix declined to sweeten its takeover offer of Warner Bros, effectively ceding the media giant to a rival bid from Paramount Skydance after deciding the deal was no longer financially attractive. Netflix logged a termination fee of $2.8 billion related to the nixed deal, according to its earnings report. By not following through on the arrangement, Netflix will likely see the storied Hollywood studio and a group of TV properties &mdash; which includes CNN &mdash; fall into the hands of Paramount, fundamentally reshaping US media. Paramount&#39;s deal to buy Warner Bros. Discovery is in a regulatory and shareholder approval phase. The bidding war had drawn White House attention, with President Donald Trump insisting he had a say in the outcome. Oracle founder Larry Ellison is the father of Paramount Skydance CEO David Ellison. Larry Ellison, a longtime Trump ally, largely financed his son&#39;s takeover of Paramount and his subsequent bid for Warner Bros. Discovery. A victory by Paramount would see CNN &mdash; often the target of Trump&#39;s threats and criticism &mdash; pass to Ellison family control, amid backlash that a Paramount-owned CBS would see changes to the White House&#39;s liking. Netflix shares climbed after it stepped away from the Warner bidding, with analysts noting that money it saved could be invested in audience-drawing shows and its potentially lucrative advertising business. &quot;Netflix won with investors when it lost Warner Bros Discovery,&quot; said Emarketer senior analyst Ross Benes. &quot;Netflix&#39;s next challenge will be to truly diversify away from having subscriptions account for almost the entirety of its revenue.&quot; Baseball and ads The streamer&#39;s advertising platform continues to grow, and the company expects it to account for $3 billion in revenue this year, according to Peters. He added that Netflix sees opportunity in using artificial intelligence to make it easier for partners to customize ads. &quot;As the company enters a new era without Reed Hastings, advertising will play a bigger role,&quot; Benes said. Netflix is also pushing further into live sports, podcasts and games, executives said on an earnings call. The recently streamed World Baseball Classic was a hit on Netflix, according to co-chief executive Ted Sarandos. &quot;It was the most watched program we&#39;ve ever had in Japan,&quot; he said on the call. &quot;It was really exciting to see how this played out.&quot;

Hastings, who helped grow the revolutionary DVD-by-mail company into a global entertainment behemoth, will depart Netflix to "focus on his philanthropy and other pursuits" when his term as chairman of the board of directors ends in June.

Netflix shares dive as co-founder Reed Hastings steps away

MIAMI: Former world heavyweight champion Anthony Joshua knocked out YouTuber-turned-boxer Jake Paul in their controversial Netflix-backed bout in Miami on Friday.&nbsp;The fight at the Kaseya Center, which saw both men reportedly splitting a mammoth purse of $184 million, had triggered alarm across boxing due to the gulf in physical size and class between Britain&#39;s two-time former world champion Joshua and Paul, an internet personality who has forged a lucrative career through a handful of novelty boxing contests.&nbsp;In the event, however, Joshua made hard work of defeating his vastly less accomplished opponent, before his superior size and power eventually told in the later stages of the eight-round fight, with a sixth-round knockout.&nbsp;A lackluster contest descended into farce at times, with Paul repeatedly dropping to the canvas and grappling at Joshua&#39;s legs.&nbsp;At one stage even referee Christopher Young appeared to be losing patience, warning the fighters in the fourth round: &quot;The fans did not pay to see this crap.&quot;&nbsp;As Paul tired, the 6ft 6in (1.85m) tall Joshua began to land punches with more regularity, and after knocking down the 6ft 1in American twice in the fifth round, the end came swiftly in the sixth.&nbsp;Joshua backed the 28-year-old into a corner and, after teeing up Paul with a crunching left, delivered the knockout blow with a right to the chin that sent his opponent crashing to the canvas.&nbsp;&quot;It wasn&#39;t the best performance,&quot; Joshua, 36, admitted afterwards. &quot;But the end goal was to get Jake Paul, pin him down and hurt him.&nbsp;&quot;That was the request leading up, and that was on my mind. It took a bit longer than expected but the right hand finally found its destination.&quot;&nbsp;&nbsp;Praise for PaulJoshua meanwhile praised Paul for lasting into the later rounds.&nbsp;&quot;I want to give him his props -- he got up time and time again,&quot; Joshua said. &quot;It was difficult in there for him, but he kept on trying to find a way. It takes a real man to do that.&quot;&nbsp;Paul, meanwhile, his mouth bloodied from Joshua&#39;s final assault, said he believed his jaw had been broken -- but was satisfied with his performance.&nbsp;&quot;That was fun. I gave it my all,&quot; Paul said. &quot;I had a blast. I think my jaw is broken by the way. But Anthony&#39;s one of the best to ever do it so. I&#39;m gonna come back and get a world championship.&nbsp;&quot;I just got tired to be honest -- like it was so much handling his weight. I think with better cardio I could have kept it up and kept on fighting. But he hits really hard.&quot;&nbsp;Friday&#39;s made-for-streaming contest, which came just over a year after Paul had fought a 58-year-old Mike Tyson in a much-derided Netflix fight, had been widely panned throughout boxing, with many warning that Paul risked serious injury.&nbsp;Yet the devastating first or second round knockout by Joshua that most had predicted failed to materialize as Paul scrambled desperately to stay outside of the 2012 Olympic champion Joshua&#39;s range.&nbsp;Joshua, fighting for the first time in 15 months, always looked the more threatening fighter, landing 48 of 146 punches thrown compared to Paul&#39;s meagre total of 16 punches landed.&nbsp;The Briton is now turning his attention towards a money-spinning bout against compatriot and fellow former world champion Tyson Fury next year.&nbsp;&quot;We shook off the cobwebs and I can&#39;t wait to roll into 2026,&quot; Joshua said. &quot;And if Tyson Fury is as serious as he thinks he is, let&#39;s put on some gloves and fight.&quot;<figure class="fr-media" style="line-height: 2;"> </figure>

Boxing

Anthony Joshua stopped Jake Paul with a sixth-round knockout in a controversial Netflix fight in Miami, earning a massive purse and turning focus toward a potential Tyson Fury bout.

Joshua knocks out Paul to win Netflix boxing bout

NEW YORK: Streaming giant Netflix will acquire film and television studio Warner Bros. Discovery for nearly $83 billion, the two US companies announced in a joint statement Friday. The acquisition, which gives Netflix access to a vast film catalog as well as the prestigious streaming service HBO Max, is the largest consolidation deal in the entertainment industry since Disney&#39;s $71 billion acquisition of Fox in 2019.

Entertainment

Streaming giant Netflix will acquire film and television studio Warner Bros. Discovery for nearly $83 billion, the two US companies announced in a joint statement.

Articles tagged with "Netflix"

Netflix names new board chair as co-founder departs

Netflix shares dive as co-founder Reed Hastings steps away

Joshua knocks out Paul to win Netflix boxing bout

Netflix to acquire Warner Bros. Discovery for nearly $83 billion: statement

Netflix names new board chair as co-founder departs