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Netflix CEO Reed Hastings is getting the corporate equivalent of coal in his Christmas stocking – a pay cut. According to the company’s filing with the Securities and Exchange Commission on Thursday, Hastings’ salary is taking a $1.5 million hit in 2012. While his base annual salary of $500,000 remains the same, his stock option compensation drops from $3 million this year to $1.5 million next year. Based on those two figures, Hastings will make less in 2012 than Chief Content Officer Ted Sarandos and Chief Product Officer Neil Hunt. In 2011, Hastings »
- Lucas Shaw
Netflix CEO Reed Hastings will pay a $1.5 million penalty for blunders that alienated the video subscription service's customers and pulverized its stock. The punishment will be delivered with a 50 percent reduction in his stock option awards next year, according to regulatory documents filed Thursday. Instead of the $3 million stock option allowance he received this year, Hastings will get $1.5 million in 2012. His base salary will remain unchanged at $500,000. Photos: 2011's Biggest Rule Breakers Kim Kardashian, Netflix's Reed Hastings, Chuck Lorre and Ashton Kutcher It would have been difficult to make a case
- Associated Press
Netflix Inc. has cut CEO Reed Hastings’ annual stock option allowance in half to $1.5 million for 2012, Bloomberg reported today based on a regulatory filing. Hastings’ yearly salary of $500,000 remains the sam. Following a disastrously ill-conceived price hike for its DVD mailing and video streaming service, subscribers revolted and Netflix shares dropped 75% from their July 13 high of almost $300. His stock option allowance for 2011 was $3 million. In addition to subscribers defecting in droves — which caught company management by surprise — Hasting projected losses in fiscal 2012 as it expands into the UK and absorbs higher-prices from new content agreements. Netflix chief marketing officer Leslie Kilgore’s salary for 2012 will be cut to $575,000 from $802,000 in 2011 but her stock option grant was increased to $1.33 million from $1.1 million. Salary for another executive, chief product officer Neil Hunt, will remain $1 million for next year and his stock option allowance will rise to $1.5 million from $900,000. Chief content officer Ted Sarandos »
- THE DEADLINE TEAM
In addition to enviable ratings and a significant Golden Globe nomination, FX's American Horror Story can add most time-shifted show to its honors. The Connie Britton-Dylan McDermott thriller from the co-creators of Glee, Ryan Murphy and Brad Falchuk, has topped Nielsen's year-end list, thanks to the 95.3 percent lift it sees weekly from DVR viewing. Both the show's dark nature and complexity of its story arcs along with its growing ratings and buzz likely contributed to viewers' continued interest throughout the week. Photos: 2011's Biggest Rule Breakers Kim Kardashian, Netflix's Reed Hastings, Chuck Lorre and Ashton
- Lacey Rose
The sixth installment of the Fast and Furious franchise will be split into two movies. Vin Diesel, the star and a producer of Universal’s decade-long franchise, said that during the planning process of the new movie, the Fast and Furious creative team, which includes director Justin Lin and screenwriter Chris Morgan, realized that they would need a seventh movie to tell their story. The sixth and seventh are being written simultaneously, he said. Photos: 2011's Biggest Rule Breakers Kim Kardashian, Netflix's Reed Hastings and 'Fast Five' “With the success of this last one, and the inclusion of so many
- Borys Kit
For the first time, The Hollywood Reporter has put together a year-end portfolio of Hollywood’s risk takers, those people who both bucked convention (and courted controversy) in the past 12 months. The 22-page special, shot over the course of the past nine months, features four cover subjects in a special split run: Chuck Lorre and Ashton Kutcher, Reed Hastings, the Extremely Loud & Incredibly Close team and Kim Kardashian. Photos: 2011's Biggest Rule Breakers Kim Kardashian, Netflix's Reed Hastings, Chuck Lorre and Ashton Kutcher: THR Year In Review When Lorre decided to reboot his CBS sitcom, Two and
- Leslie Bruce
Boy, is Verizon keeping the rumor mills churning. A week ago, it looked like the telecom titan was teaming up with Redbox to construct a possible Netflix killer. Now shares of the subscription rental company are rising on a DealReporter article that reports that Verizon may simply buy Netflix. A Netflix spokesperson declined to comment on what he termed “rumors or speculation.” A spokesman for Verizon did not immediately respond to requests for comment. Also read: Redbox and Verizon Get Hitched: Are You Worried Now, Reed Hastings? But some members of the Wall Street cognoscenti poured »
- Brent Lang
Are you sweating now, Reed Hastings? At the Ubs conference this week, the Netflix CEO shrugged off a report that Verizon is dipping its toe into the streaming market. "The competitor we fear the most is HBO Go," Hastings said. Forget paid television, because it sounds like a certain kiosk company is finally entering the online video fray. Verizon and Redbox are busy pooling their resources to build a digital rental site that rivals Netflix, according to TechCrunch. A Verizon spokesperson declined to speak about the specifics of any plan. Also read: Netflix's Reed Hastings on New Verizon »
- Brent Lang
New York - The 39th annual Ubs Global Media and Communications Conference ended Wednesday afternoon after a slew of appearances from media moguls, including Time Warner CEO Jeff Bewkes, CBS Corp. CEO Leslie Moonves, Viacom CEO Philippe Dauman, News Corp. president and COO Chase Carey. Plus, Netflix CEO Reed Hastings showed up for his first "longest running show on Wall Street," as Ubs likes to call the three-day investor conference. Here is a look at some key themes that emerged during the last major media investor event of the year. 1. Executives Signaled That Advertising Trends Look Good Going
- Georg Szalai
 The worst of the Netflix backlash may be over, but that doesn't mean it'll be nothing but smooth sailing for the company from here on out. Even as services like Amazon and Hulu ramp up their offerings to compete with Netflix, Verizon has just announced that it too plans to jump into the fray, as it plans a major partnership with Redbox. Meanwhile, during a recent presentation Netflix CEO Reed Hastings named HBO Go as his company's primary competition, noting that "They’re not competing directly with us, but they can." More after the jump. TechCrunch  reports that Verizon and Redbox are planning a new Internet TV and movie service to launch May 28, with a beta release in late April. Internally referred to as Project Zoetrope, the service will allow customers to stream and download television shows and movies over the Internet across a variety of platforms, including iOS, Android, »
- Angie Han
Verizon Communications Inc. is launching a new service allowing customers to stream movies and television shows over the internet, creating competition for Netflix Inc and the traditional cable TV business, reports Reuters.
The phone company is talking with prospective programming partners about the service, which would be introduced outside of markets where it currently offers its broadband and TV package, known as FiOS, these people said. That would make it available to some 85 million U.S. households.
The new service could be rolled out in 2012, according to one of the people.
Shares in Netflix fell by as much as 5 percent on Tuesday to the day's low before recovering to end the day down 3 percent at $68.14 on the Nasdaq.
The package of programming would be limited in its scope, said two people with knowledge of the plans. Another person said the focus would be packages of movies similar to Liberty Media's »
As news leaked Tuesday that Verizon may be trying to muscle in on the video streaming market, Netflix CEO Reed Hastings told attendees at New York's Ubs conference that he is still much more concerned about another competitor: HBO. "The competitor we fear the most is HBO Go," Hastings said. "They aren't competing directly with us now, but they can. HBO is becoming much more Netflix-like, and we're becoming much more HBO-like." News that Verizon might be launching a Netflix challenge hit via a report on Reuters. The wire service wrote that Verizon »
- Brent Lang
Winner for the hottest topic in Hollywood: Netflix. That’s judging from an investors conference in New York that wraps up Wednesday and where some of the industry’s biggest players are there to promote their own TV and film businesses, though they couldn’t stop talking about Netflix. No wonder, then, when Netflix CEO Reed Hastings finally took the floor, it was standing-room, with heavy hitters like Harvey Weinstein joining an audience primarily of Wall Street bankers and analysts. Before Hastings sat down for a Q&A with Ubs executive Aryeh Bourkoff, his ears must have been burning, since he and Netflix
- Paul Bond
Netflix CEO Reed Hastings had the best line of the day at the Ubs Annual Global Media and Communications Conference. Told that last year his company was the object of ”mystique, envy and fear” at the confab, Hastings said: ”Now it’s just pity.” Well, yes — considering that his company’s stock has fallen 77% since mid-July, when Netflix boosted prices by 60% for consumers who wanted to continue to receive DVDs and stream videos. ”We had done so many difficult things that we became overconfident,” Hastings says. “Our big obsession for the year was, ‘Let’s not live and die by DVD.’ ” But the change ”turned out to be a little too fast. … We berate ourselves tremendously for that lack of insight.” But his appearance at the Ubs gathering was designed to demonstrate that Netflix is back on track — and that its shares are worth buying again. For investors who believe »
- DAVID LIEBERMAN, Executive Editor
New York - What is known as "the longest running show on Wall Street" returns next week as Ubs will once again let analysts and investors quiz entertainment industry moguls at its 39th annual Ubs Global Media and Communications Conference here. As always, the year-end Wall Street tradition will put the advertising market outlook in focus, but also ask what's next for digital content deals and how much appetite companies have for potential acquisitions, among other things. Plus, executives, such as Netflix CEO Reed Hastings, who will travel to the East Coast for the event, get to reassure investors and
- Georg Szalai
A month ago, Netflix CEO Reed Hastings told analysts for the Wall Street Journal, “The focus is on bringing back our reputation and brand strength, but it won’t happen through grand gestures.” The once admired home video innovator was still reeling from a disastrous third quarter, in which Netflix lost roughly 800,000 subscribers and watched its market value plummet from $16 billion to $4.6 billion.
Hastings attempted an explanation in mid-September for a controversial, strategic price change that went into effect on the first of the month. But Hastings’ apologetic blog post backfired and was overshadowed by Netflix’s simultaneous announcement that it would split its streaming service from its discs-by-mail business, oddly named Qwiskter. That plan qwickly disappeared as subscriber favor declined.
Now Netflix is slowly returning to strength, just as Hastings said, and not through any “grand gestures.” The company has sealed several studio deals in its expansion to streaming in the U. »
- Jeff Leins
In the days and weeks since the passing of Apple co-founder Steve Jobs, the world has wondered, “What now? Who will carry on the torch for unbeatable technological innovation and groundbreaking media and business strategies?” Of course, no one may be wondering that more than the high-profile candidates left in Jobs’ shadow, such as Facebook founder Mark Zuckerberg, Huffington Post Editor-in-Chief Arianna Huffington, Netflix CEO Reed Hastings, and controversial News Corp. chairman Rupert Murdoch. And Saturday Night Live decided to poke a little fun at Jobs’ successors. Only, the sketch never made it to broadcast.
In the skit, which was cut from the Oct. »
- Aly Semigran
Updated: 4:11 p.m. Pt As Netflix stock plummeted 27 percent in after hours trading, Reed Hastings reassured analysts that the company was committed to building its streaming service and growing its library even as it deals with widespread subscriber defections. Netflix lost 800,000 members during a three month period marked by a costly stream of mistakes, including a price hike and an aborted plan to spin-off its DVD by mail business into a new company called Qwikster. It also forecast further losses in the fourth quarter underway. Shareholders hammered the stock on this »
- Brent Lang
What did "Saturday Night Live" imagine other media executives saying about Steve Jobs after his death? Read more: Darrell Hammond Describes Drug Abuse, Cutting, Leaving 'SNL' in a Strait Jacket We didn't get to find out after Jobs' passing, because a sketch about him being memorialized on "Charlie Rose" was cut after dress rehearsal for the Oct. 15 episode. But "Weekend Update" anchor Seth Meyers has posted it on Twitter. Bill Hader's Rose hosts Mark Zuckerberg (Andy Samberg), Arianna Huffington (Nasim Pedrad), Rupert Murdoch (Fred Armisen) and Netflix honcho Reed Hastings (Jason Sudeikis) »
- Kimberly Potts
Company to 'pause' international expansion following rollout in UK and Ireland
Shares in Netflix plunged 27% in the Us after the online streaming service reported the loss of more than 800,000 subscribers, and admitted its launch in the UK and Ireland in early 2012 will push it to a global net loss.
The one-time internet darling bore the brunt of negative investor sentiment after a summer of discontent among subscribers as it reported its results for the three months to the end of September late on Monday, despite meeting the expectations of most financial analysts.
Total revenue rose a healthy 49% year on year to $822m while net income surged 63% to $62m.
Nevertheless shares in Netflix, which had been trading at $300 in mid-2010, fell 27% in after-hours trading to $86.84.
Netflix was cautious about its prospects in the UK and Ireland when it launches in the first quarter next year, a move that the company admitted »
- Mark Sweney
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