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☆ Reed Hastings shares the 3-word tactic that helped make Netflix a $240 billion company—it's called 'farming for dissent'
▼ + stars: | 2024-04-20 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +1 min

If you work for Reed Hastings, you'd better be ready to express your dissatisfaction. Good leaders seek out critical feedback whenever possible, the Netflix co-founder and chairman recently told entrepreneur Tim Ferriss' podcast, "The Tim Ferriss Show." "Because it's difficult, emotionally, in most companies to disagree with your manager, we call it farming for dissent," he added. "We have managers do things like [ask]: 'What are three things you would do differently if you were in my job?'" The strategies that didn't work served as learning opportunities, he added.

Persons: Reed Hastings, you'd, Tim Ferriss, Hastings, he'd Organizations: Netflix

☆ Netflix co-founder swears by ‘great business philosophy’ from Jeff Bezos: ‘Take a lot of risks on things that are recoverable’
▼ + stars: | 2024-04-18 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

When it comes to taking risks, Netflix co-founder Reed Hastings has an important rule of thumb. "I try to take a lot of risks on things that are recoverable," Hastings said in a recent conversation on entrepreneur Tim Ferriss' podcast. A two-way door risk is easy to take because it's reversible, so "you can come back in and pick another door," Bezos said. But a one-way door risk probably can't be undone. In 2017, Hastings told CNBC he was actually pushing his content team to "take more risk" in that regard.

Persons: Reed Hastings, Hastings, Tim Ferriss, Jeff Bezos, Lex, Bezos, — Hastings, Ferriss, Fortune Organizations: Netflix, Amazon, CNBC, Peace Corps Locations: Swaziland, Africa

☆ Donald Trump crashes out of the Bloomberg rich list due to his meme stock nosediving
▼ + stars: | 2024-04-09 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

TMTG stock has plunged 53% from its intraday peak two weeks ago, slashing Trump's net worth. AdvertisementDonald Trump has crashed out of the ranks of the world's 500 wealthiest people after the value of his meme stock nosedived. The former president has fallen off the Bloomberg Billionaires Index as his net worth has dropped below the $5.8 billion required to make the cut. AdvertisementTMTG shares hit an intraday high of $79 on March 26, valuing Trump's stake at close to $6.3 billion. That's still more than 1,200 times the $4.1 million of revenue it earned last year, which fueled a net loss of $58 million for Truth Social's parent company.

Persons: Donald Trump, —, Forbes, Trump, George Soros, Mark Cuban, Giorgio Armani, Reed Hastings, Bernie Marcus, Ralph Lauren, TMTG Organizations: Service, Bloomberg, Trump Media & Technology, TMTG, Paramount, Etsy, Hasbro, American Airlines Locations: Monday's

☆ Here are 5 secrets of Netflix's success, according to Reed Hastings
▼ + stars: | 2024-04-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Reed Hastings, the streaming giant's cofounder and executive chair, walked through five key elements of Netflix's corporate culture on the latest episode of "The Tim Ferriss Show." Team, not familyNetflix is run like a top-tier sports team that aims to fill each position with the best person who's also a team player, Hastings said. Stacking its roster with exceptional performers maximizes Netflix's chance of success and also motivates, educates, and draws in even more talent. Advertisement"The reward for adequate performance is a generous severance package," Hastings said. "Sometimes if to help them grow I've got to be willing to argue with my manager, then that's okay," Hastings said.

Persons: —, Reed Hastings, Tim Ferriss, who's, Hastings, I've Organizations: Service, Business, Netflix

☆ Reed Hastings says he kept losing money as an investor so he sticks to owning Netflix stock and index funds
▼ + stars: | 2024-04-05 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In late January, he gifted 2 million Netflix shares worth $1.1 billion to the Silicon Valley Community Foundation. The donation slashed his direct stake in Netflix by about 40% to just under 3 million shares — a position valued at about $1.9 billion. The tech veteran's net worth is still around $6 billion, as he holds 3 million Netflix stock options and has sold about $2 billion worth over the years, per the Bloomberg Billionaires Index. Hastings has also donated vast amounts of money to education providers like charter schools and historically Black colleges and universities (HBCUs).

Persons: —, Reed Hastings, Tim Ferriss, I've, Hastings, Warren Buffett, Ferriss, Buffett, priding, Charlie Munger, Hastings —, he's Organizations: Service, Netflix, Business, Berkshire Hathaway, Hastings, Community Foundation, Bloomberg

☆ Netflix cofounder Reed Hastings, who bought a ski mountain in Utah, snaps up more land for his public-private mountain experiment
▼ + stars: | 2024-03-29 | by ( Ana Altchek | ) www.businessinsider.com time to read: +5 min

Reed Hastings is turning part of Powder Mountain into a ski club for the wealthy. Powder Mountain is the largest ski resort in the country. Related storiesThe former Netflix CEO said he is privatizing part of Powder Mountain to help remediate years of financial struggles. AdvertisementThe mountain was previously owned by a group of millennial investors who struggled to maintain the mountain, according to a report from The Information. Hastings announced his plans to make part of the ski resort private in December 2023, but Powder Mountain announced a new land acquisition and lift on Friday.

Persons: Reed Hastings, —, He's, Hastings, Ian Matteson Organizations: Netflix, Service, The New York Times, Meriwether Companies, Forbes Locations: Africa, Ogden, The, Sierra Nevada, Utah

☆ Can Reed Hastings Disrupt Skiing?
▼ + stars: | 2024-03-29 | by ( Gordy Megroz | ) www.nytimes.com time to read: 1 min

On a Monday morning in early March, Reed Hastings, the billionaire co-founder and former chief executive of Netflix, clicked into the bindings on his snowboard and started off down one of the slopes at Powder Mountain, a ski area in Utah’s northeast corner. He quickly veered off the groomed trail into some well-spaced trees, and as he made turns over bumpy snow, you could hear his edges scratch against patches of ice. “But still not bad.”Despite the less-than-ideal conditions, Mr. Hastings, 63, seemed to be enjoying the perks that come with his new gig: ski area owner. “I used to snowboard about 10 times a year,” he said. “Now getting out is part of the job.”Last September, Mr. Hastings, bought a controlling interest in Powder Mountain for an undisclosed sum, inheriting more than $100 million in debt.

Persons: Reed Hastings, ”, Hastings, “ Organizations: Netflix, Mr Locations: Utah’s

☆ Donald Trump Now Richer Than George Soros, Set to Overtake Mark Cuban
▼ + stars: | 2024-03-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Donald Trump's net worth has jumped $4 billion this year to $7.2 billion, per Bloomberg's rich list. The former president is richer than George Soros and set to surpass Mark Cuban and George Lucas. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDonald Trump is now richer than George Soros — and is set to overtake Mark Cuban too. The former president's net worth has soared by more than $4 billion this year to an estimated $7.2 billion, per the Bloomberg Billionaires Index.

Persons: Donald Trump's, George Soros, Mark Cuban, George Lucas, Trump, —, Donald Trump, George Soros —, Reed Hastings, Gordon Getty, Bernie Marcus Organizations: Service, Bloomberg, Trump, Netflix, Home, Business

☆ Netflix salary data shows how much the company pays for 220 jobs across content, finance, marketing, and more
▼ + stars: | 2024-02-22 | by ( Ashley Rodriguez | Lucia Moses | ) www.businessinsider.com time to read: +3 min

To maintain its lead and fuel that expansion, Netflix is still hiring, if more slowly than in recent years. Like other US companies, Netflix discloses how much it plans to pay workers it hires on work visas. Netflix may pay employees more than the figures reflected in this data or compensate them in additional ways. While Netflix doesn't give bonuses, it does let employees choose each year how much compensation they want in cash versus stock options. Based on the Department of Labor data, Netflix offered annual base salaries ranging from roughly $72,000 to $1 million yearly, with a median of $184,080, for various roles.

Persons: It's, Read, Reed Hastings Organizations: Netflix, Disney, Business, US Department of Labor's, Foreign Labor, US Department of Labor, Department of Labor

☆ Why Hollywood should be terrified of YouTube, not Netflix
▼ + stars: | 2024-02-09 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Its advantage wasn’t lost on Netflix cofounder and former CEO Reed Hastings, who’s namechecked YouTube as a threat to Netflix. YouTube has become a media giant without Hollywood contentMany in media dismiss or overlook YouTube because it doesn’t look like a Hollywood player. Its TV business, YouTube TV, is a bundle of other people’s channels. And YouTube TV is now the fourth-largest pay-TV service in the country, with more than 8 million subscribers. The real threat is that Netflix and YouTube dominate and everyone else fights over a tiny slice of pie.

Persons: It’s, wasn’t, Reed Hastings, who’s, Nielsen, Z, it’s, Gen Z, Forrester, Dan Salmon, Martin Scorsese, Brian Albert, Google's, Neal Mohan, he’s, ’, YouTube’s, isn’t, can’t, else’s, Piper Sandler’s Organizations: Service, Netflix, Disney, Business, YouTube, Nielsen YouTube, Hollywood, Street Research, Amazon Prime, Google, Hulu Locations: Hollywood

☆ Netflix cofounder Reed Hastings just gave stock worth $1.1 billion to a Silicon Valley charity
▼ + stars: | 2024-01-30 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

He donated the holding, worth about $1.1 billion, to the Silicon Valley Community Foundation. The charity is favored by the elite of Silicon Valley including Mark Zuckerberg. AdvertisementReed Hastings, the cofounder and executive chairman of Netflix, has given away 2 million shares in the streaming platform. A Netflix representative told The Wall Street Journal the shares had been donated to the Silicon Valley Community Foundation. AdvertisementIn 2012 the Meta CEO and his wife, Priscilla Chan, donated 18 million shares worth about $500 million to the foundation.

Persons: Reed Hastings, Mark Zuckerberg, —, It's, Jack Dorsey, Priscilla Chan, Hastings, Marc Randolph, Patty Quillin, They've, Bill Gates, Warren Buffett Organizations: Netflix, Community Foundation, Service, Wall Street, Bloomberg, United Negro College Fund, Business Locations: Silicon Valley, Bay

☆ Reed Hastings sells $1.1 billion in Netflix shares
▼ + stars: | 2024-01-29 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Netflix co-founder and executive chairman Reed Hastings has gifted two million shares of his holdings in the streaming giant, according to a regulatory filing, with a current value of more than $1.1 billion. "We don't know what it could be, whether it's a charity or multiple charities," VerityData Vice President Ben Silverman told CNBC. Hastings retains just under three million Netflix shares with a value of around $1.7 billion. Though Hastings remains the executive chairman of Netflix, the company has no obligation to disclose the reason behind the gift or the beneficiary. Netflix shares are up nearly 23% year to date but are still around 16% below their 2021 high.

Persons: Reed Hastings, Hastings, it's, Ben Silverman, VerityData's Silverman, — CNBC's Lora Kolodny Organizations: Netflix, New York Times DealBook, Jazz, Lincoln Center, Bloomberg, CNBC, United Negro College Fund, Hastings, CNBC PRO Locations: New York City

☆ Netflix earnings: Will the streaming service continue to make profit into 2024?
▼ + stars: | 2024-01-23 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

Netflix, which is in a quiet period ahead of earnings, declined CNN’s request for comment. In November, Netflix aired its first-ever live sports event, and its third-ever foray into live programming, called “The Netflix Cup,” a crossover competition between Formula 1 drivers and professional golfers. “We are investing heavily in increasing our live capabilities,” Netflix’s co-CEO Ted Sarandos said on the company’s earnings call in October. Next, Netflix plans to experiment with a new type of live programming: award shows. But even before the announcement, the number of shows and original programming Netflix churned out had already hit its peak, according to data analyzed by MoffettNathanson.

Persons: ’ ”, Jessica Reif Ehrlich, Reed Hastings, Amy Reinhard, Netflix’s, Reif Ehrlich, Philip Pacheco, ” Netflix’s, Ted Sarandos, Greg Peters, ” Peters, Matthew Harrigan, ”, Scott Stuber, Max, Peacock, MoffettNathanson, Harrigan, ” Harrigan Organizations: Los Angeles CNN, Netflix, Warner Bros, Bank of America, Guild of America, Netflix Inc, Bloomberg, Getty, Formula, Theft, Amazon, Hulu, Disney, Paramount Locations: Hollywood, FactSet

☆ Why did the powerful head of Netflix's movie studio just leave?
▼ + stars: | 2024-01-22 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

If you do work in movies, you almost certainly have heard of him: He's the guy in charge of Netflix's movie division, and for years, Netflix's movie division made a lot of movies, at a time when lots of studios were shrinking. Now that's changing, and now Stuber isn't going to be at Netflix anymore: Netflix says he's leaving to start his own media company. And a few months after that, when Stuber's name was floated as a possible contender to run Amazon's movie business, he didn't seem long for the place. Now, Stuber said, Netflix was going to cut its output in half so it could make things better things. Asked for comment, a Netflix spokesperson supplied quotes from Stuber, Sarandos, and Bajaria saying nice things about each other.

Persons: Scott Stuber's, Stuber, Ryan Reynolds, Martin, Scott, Reed Hastings, Ted Sarandos, Greg Peters, Bela Bajaria, We'd Organizations: Netflix, Business, Universal, Stuber, Hollywood, Variety Locations: Hollywood, Stuber

☆ Netflix will allow customers to keep physical DVDs and get 10 more free before the company completely shuts down its rental service
▼ + stars: | 2023-08-27 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +2 min

Netflix is shutting down its physical DVD rental service on September 29. The company announced that it will allow customers to keep any unreturned discs. AdvertisementAdvertisementNetflix will allow customers to keep its DVDs as the company winds down its physical disc rental operation after 25 years in service. AdvertisementAdvertisementBy the way, a happy clarification in response to all the news headlines out there:We are not charging for any unreturned discs after 9/29. Since it began its popular DVD-by-mail service in 1998, Netflix has mailed more than 5.2 billion physical discs, the company said.

Organizations: Netflix, Morning Locations: DVD.com

☆ Disney CEO Bob Iger called Hollywood strikers 'not realistic.' His critics are calling his $27 million pay package unrealistic.
▼ + stars: | 2023-07-22 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +5 min

Disney CEO Bob Iger recently called strikers' expectations "not realistic," quickly drawing criticism. Iger could make over $27 million this year, 535 times the median pay of his employees. An average CEO in 1978 made around 31 times what their average worker made, according to the Economic Policy Institute. In 2020, the average CEO made 346 times what their average worker made. At Disney, the median worker pay is $54,256, according to the company's latest proxy statement.

Persons: Bob Iger, Sean Gunn, Fran Drescher, Iger, Gunn, Drescher, Sen, Bernie Sanders, he'd, Variety, David Zaslav, Reed Hastings, Brian Roberts Organizations: Disney, SAG, Morning, Hollywood, CNBC, Sun Valley Conference, Writers Guild of America, Guardians, Economic, Warner Bros, Netflix, Comcast Locations: Idaho, Los Angeles

☆ Netflix gets rid of cheapest basic ad-free option in the U.S., U.K.
▼ + stars: | 2023-07-19 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Netflix has gotten rid of its cheapest commercial-free plan in the U.S. and the U.K., in a push to get more sign-ups for its recently launched ad-supported option. The move leaves Netflix's standard with ads plan, which is priced at $6.99 a month, as its cheapest option. During last quarter's earnings call, Netflix Chief Financial Officer Spencer Neumann said the "economics" of its ad-supported plan were higher than the basic plan. "It's actually even higher than our standard plan," he said during the call, adding that advertising was incremental to both its revenue and profit. Similarly, Disney CEO Bob Iger has said the company is leaning into its ad-supported streaming option to get to profitability.

Persons: Spencer Neumann, It's, Reed Hastings, Ted Sarandos, Bob Iger Organizations: Netflix, Disney Locations: Krakow, Poland, U.S

☆ Netflix’s cash gun starts to whir
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 19 (Reuters Breakingviews) - Netflix (NFLX.O) is putting out some programming worthy of more eyeballs. But its forecast on free cash flow – once a horror flick– shows that the business is only getting stronger. The revenue outlook for the third quarter of $8.5 billion is below analysts’ estimates of $8.7 billion, according to Refinitiv. Netflix raised its outlook for free cash flow this year to at least $5 billion from approximately $3.5 billion. At a time when high interest rates make greenbacks more expensive, and competitors Walt Disney (DIS.N) and Warner Bros Discovery (WBD.O) are squirming, Netflix’s cash story is one to watch.

Persons: Reed Hastings, Walt Disney, Jennifer Saba, Gucci, Xavier Niel’s, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Netflix, Hollywood, Warner Bros Discovery, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson

☆ Inside Netflix's growing M&A machine, who's leading it, and what insiders think the streamer could buy next
▼ + stars: | 2023-06-21 | by ( Lucia Moses | ) www.businessinsider.com time to read: +9 min

It then delved further into M&A to kickstart its games business. And the streamer hasn't completely abandoned its build-from-within strategy, as it also announced plans last fall to build its own gaming studio in Finland. He recently was elevated to the Lstaff, a group of 25 Netflix business heads who debate its biggest initiatives. (Netflix ended up doing a partnership in 2019 with that company, Studio Dragon, and its parent CJ ENM.) But leadership has been steadfast that Netflix's M&A mantra hasn't changed.

Persons: Here's, Reed Hastings, It's, it's, who's, what's, Roald Dahl, Dahl, Peter Rabbit, Spry, Harry Potter, execs, Spencer Wang, Michael Porter, Spencer Neumann, who'd, Neumann, Wang, Greg Peters, Ted Sarandos, Bela Bajaria, Scott Stuber, Mike Verdu, Jay MacDonald, Digiday, Ana Milicevic, Hastings, Sarandos, CJ ENM, Mario Organizations: Netflix, stoke, Paramount, Night School, Spry Fox, Disney, Warner Bros, DC Comics, Digital Capital Advisors, MLB, Surf League, Street Journal, Microsoft, Sparrow Advisers, MGM, Amazon, Mario Bros, Activision Blizzard, Epic Games, UBS Locations: Finland, New Jersey, Hollywood

☆ Netflix investors voted 3-to-1 against hefty pay packages for top execs including co-CEOs Greg Peters and Ted Sarandos
▼ + stars: | 2023-06-09 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +3 min

Netflix shareholders on June 1 voted against pay packages for top execs totaling up to $109 million. The WGA had urged Netflix investors to reject the pay packages amid the Hollywood writers' strike. Netflix shareholders voted on June 1 by a nearly three-to-one margin against rich 2023 pay packages for the company's top executives, according to a recent company filing. Amid the ongoing Hollywood writers' strike, the Writers Guild of America had called on Netflix investors to reject this year's executive pay raises. The prelim ary results of the advisory vote were in favor of the executive pay plan, the company announced the day of the meeting.

Persons: Ted Sarandos, Greg Peters, Reed Hastings, Meredith Stiehm, Peters Organizations: Netflix, WGA, Hollywood, Morning, Writers Guild of America, Hastings, Comcast

☆ Meet Netflix's elite 'Lstaff' — the 25 top execs who help make the company's biggest decisions, from its push into advertising to its gaming expansion
▼ + stars: | 2023-06-02 | by ( Lucia Moses | Ashley Rodriguez | ) www.businessinsider.com time to read: +2 min

Netflix has a top team of business leaders who debate and drive the company's biggest decisions. This "Lstaff" includes co-CEOs Greg Peters and Ted Sarandos plus execs leading new areas like gaming and ads. When Netflix is faced with a big, agenda-setting decision, it convenes a special team of business heads to debate the issue at hand. This group, which numbers 25, has helped shape major company moves like its expansion into mobile games and advertising. Scroll down to read about the people on Netflix's Lstaff, listed in alphabetical order, and the perspective each brings.

Persons: Greg Peters, Ted Sarandos, —, Reed Hastings, Bela Bajaria, Scott Stuber, Kim —, Vernā Myers, Jeremi Gorman, Mike Verdu, Spencer Wang Organizations: Netflix, New Zealand Locations: Korea, Japan, Southeast Asia, Australia, New

☆ Netflix investors voted against rich pay packages for the company's top execs amid the ongoing Hollywood writers' strike
▼ + stars: | 2023-06-02 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +2 min

Netflix shareholders on Thursday voted against pay packages for top execs totaling up to $109 million. The WGA had urged Netflix investors to reject the pay packages amid the Hollywood writers' strike. Netflix shareholders on Thursday voted against executive pay packages totaling up $109 million for the company's top leaders, several outlets including the New York Times reported. Amid the ongoing Hollywood writers' strike, the Writers Guild of America had called on Netflix investors to reject this year's executive pay raises. Last year, only 26.9% of voted shares approved the pay packages for Netflix's top executives, which led the company to hold discussions with investors, according to the annual proxy statement.

Persons: Ted Sarandos, Greg Peters, Reed Hastings, Meredith Stiehm, Peters Organizations: Netflix, WGA, Hollywood, Morning, New York Times, Writers Guild of America, Hastings, Comcast

☆ Netflix shareholders reject sky-high executive pay packages
▼ + stars: | 2023-06-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN —Netflix shareholders voted on Thursday to reject multi-million dollar pay packages for the company’s top executives including for co-CEOs Ted Sarandos and Greg Peters. Frederic J. Brown/AFP/Getty ImagesNetflix’s proposed executive pay packages for 2023 included up to $40 million for Sarandos, including base salary, a performance bonus and stock options. Netflix’s board, meanwhile, is able to disregard the results of this “say on pay” vote and approve executive compensation plans in spite of shareholder wishes. The board has already unanimously recommended voting for the pay packages. Last year, just 27% of Netflix shareholders approved of 2022 executive compensation packages.

Persons: Ted Sarandos, Greg Peters, ”, Meredith Stiehm, Frederic J . Brown, Peters, Reed Hastings, Spencer Neumann, David Hyman, Rachel Whetstone Organizations: New, New York CNN, Netflix, Writers Guild of America, Hollywood, WGA, Guild of America, Comcast, Getty, Securities and Exchange Commission Locations: New York, Hollywood , California, AFP

☆ Netflix shareholders withhold support for executive pay package
▼ + stars: | 2023-06-02 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

June 1 (Reuters) - Netflix Inc (NFLX.O) shareholders on Thursday withheld their support for the company's executive pay package, in a non-binding vote that followed a call by striking Hollywood writers to reject the proposed 2023 compensation. "While investors have long taken issue with Netflix's executive pay, the compensation structure is more egregious against the backdrop of the strike," wrote Writers Guild West President Meredith Stiehm. Netflix shareholders withheld support for the executive compensation structure for 2023, in a non-binding "say on pay" vote. Last year, the company's executive pay package won support from just 27% of the shareholder votes cast. After last year's vote, Netflix said it made changes including instituting a salary cap for its co-chief executives and a performance-based bonus plan.

Persons: Guild of America West, Meredith Stiehm, Stiehm, Reed Hastings, Ted Sarandos, Greg Peters, Peters, Ari Emanuel, David Zaslav, Dawn Chmielewski, David Gregorio, Christopher Cushing Organizations: Netflix Inc, Guild of America, Guild West, Comcast Corp, Netflix, Hollywood, Endeavor, Warner Bros Discovery, Alliance, Television Producers, SAG, Thomson Locations: Los Angeles

☆ Netflix Shareholders Vote to Reject Executive Pay Packages
▼ + stars: | 2023-06-01 | by ( Nicole Sperling | ) www.nytimes.com time to read: 1 min

The NewsNetflix shareholders voted on Thursday to reject the lucrative pay packages of the company’s leaders, including the co-chief executives Ted Sarandos and Greg Peters. The vote is nonbinding and can be overruled by the company’s board of directors the next time it meets. Mr. Sarandos’s proposed pay package for 2023 would be worth up to $40 million through a combination of base salary, a performance bonus and stock options. Mr. Peters, who was named co-chief executive in January after Reed Hastings stepped down from the role, is set to receive up to $34.6 million. And Mr. Hastings, who became executive chairman, is on track to earn $3 million for the year.

Persons: Ted Sarandos, Greg Peters, Sarandos’s, Peters, Reed Hastings, Hastings Organizations: Netflix, Writers Guild of America

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