At The New York Times DealBook Conference on Tuesday, Netflix co-founder and CEO Reed Hastings emphasized the company’s focus on content, reporting that Netfilx will spend $5 billion next year on content alone. During the discussion, hosted by Andrew Ross Sorkin, Hastings also cautioned cable networks against letting Hulu “cannibalize” their content, urging the networks to create their own streaming applications. Hastings rebuffed the idea that the streaming service will offer live sporting events or an evening newscast. Instead, Netflix will continue to focus on producing high-quality original content: “If you do great content, you’re going to find viewers,” Hastings said.

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