From Newsgroup: talk.politics.misc

Netflix shares plummeted more than nine percent Thursday as the TV
streaming titan'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 "focus on his philanthropy and other pursuits" 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.

"Netflix changed my life in so many ways," Hastings wrote in an earnings letter.

"My all-time favorite memory was January 2016, when we enabled nearly
the entire planet to enjoy our service."

Netflix faces increasing competition from rival streaming services as
well as short-form video platforms like TikTok that vie for consumers' 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 -- which includes
CNN -- fall into the hands of Paramount, fundamentally reshaping US
media.

Paramount'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's
takeover of Paramount and his subsequent bid for Warner Bros. Discovery.

A victory by Paramount would see CNN -- often the target of Trump's
threats and criticism -- pass to Ellison family control, amid backlash
that a Paramount-owned CBS would see changes to the White House's
liking.

https://finance.yahoo.com/markets/stocks/articles/netflix-shares-dive-rev enue-barely-225215127.html

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