Netflix co-founder Reed Hastings to step down as chairman
Summary
Reed Hastings, co-founder of Netflix, will step down as the company’s chairman in June to focus on philanthropy and other activities. Netflix reported a 16% rise in revenue in early 2026, helped by higher subscription prices and more advertising income, but its stock price dropped about 8% after the report.Key Facts
- Reed Hastings co-founded Netflix in 1997 with Marc Randolph.
- Hastings will leave his chairman role in June 2026.
- Netflix’s first-quarter 2026 revenue increased by 16%.
- Growth came from raising membership prices and more advertising money.
- Despite revenue growth, Netflix’s share price fell approximately 8%.
- Hastings wants to focus on philanthropy and other personal interests.
- Netflix’s co-CEOs Ted Sarandos and Greg Peters praised Hastings’ leadership.
- Netflix is expanding ads into live events, including a UK boxing match between Tyson Fury and Anthony Joshua.
- Netflix faces strong competition in streaming, especially if Paramount Skydance completes its takeover of Warner Bros.
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