Netflix’s co-founder, Reed Hastings, is stepping down as chairman of the streaming giant to focus on philanthropy and other pursuits.
Hastings has led the business for three decades, guiding its transformation from a mail-order subscription service into a global entertainment powerhouse.
The announcement came alongside Netflix reporting a 16 percent rise in revenue for the first quarter of 2026. According to the company, the stronger-than-expected performance was fueled by increased subscription prices and growing advertising revenue.
The $2.8 billion from Paramount Skydance — the termination fee paid to Netflix to end the prior merger agreement with Warner Bros. Discovery — boosted the streamer’s free cash flow to $5.1 billion.
Despite the positive results, yesterday the company’s share price dropped by around 8 percent.
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