Netflix founder and executive chair Reed Hastings has gifted 2 million shares, worth over $1.1 billion at the stock’s current price, to the Mountain View, Calif.-based Silicon Valley Community Foundation. The move was noted in a recent SEC filing without the beneficiary named. The donation was a big chunk of Hastings’ Netflix stock — about 40%. He still owns 2,991,541 shares, the filing said. The stock closed Monday at $575.08.
Netflix said it expects to pay its co-CEOs, Ted Sarandos and Greg Peters, $40 million each in 2024, the same target as in 2023. Both executives get a compensation package of $3 million in base salary, $6 million in bonuses, $15.5 million in restricted stock units and $15.5 million in performance-based restricted stock units, according to a filing with the Securities and Exchange Commission. Executive chairman Reed Hastings is expected to get total compensation of $1 million.
Netflix has issued estimates for the 2023 compensation of its top executives, with Co-CEOs Reed Hastings and Ted Sarandos set to take home $34.65 million and $40 million, respectively. The forecast by the board of director’s compensation committee, disclosed Friday in an SEC filing, is in line with 2022. Hastings will receive $650,000 in base salary and stock options worth $34 million. Sarandos will get a salary of $3 million, options worth another $20 million and a bonus targeted at $17 million.
Netflix co-CEO and chairman Reed Hastings conceded that he wished the streamer had introduced an ad-supported plan years ago. Netflix’s reluctance to adopt advertising was “wrong” and that it was a mistake to not jump into the segment several years ago, said Hastings, speaking Wednesday at the New York Times’ DealBook Summit in New York. But the company eventually came around to the idea, and Hastings called the rollout of Netflix with ads this fall a “good tactic, because we get to offer consumers lower prices.”
Fox Corp. Chief Financial Officer Steve Tomsic said traditional linear television like broadcast and cable services still have a lot of life left in them, downplaying comments made by Netflix CEO Reed Hastings who claimed the end of linear television was near.
Exclusives
Netflix co-CEO and Chief Content Officer Ted Sarandos is set to receive $40 million in compensation next year, while Chairman and Co-CEO Reed Hastings stands to make north of $34 million. Netflix disclosed the annual salaries and stock option allocation for 2022 for its executive officers in an SEC filing Tuesday.
Also during the ceremony, Dolby will receive a corporate achievement award and eight technologies including ARRI’s SkyPanel lights and Chaos’ V-Ray rendering software will receive Engineering Emmys.
The streaming giant borrowed over $16 billion in less than a decade as it built out its content library. The strategy prompted criticism that the company was unsustainable.
Netflix said that Reed Hastings and Ted Sarandos, the streaming company’s co-CEOs, will each earn $34.65 million for 2021, according to a filing with the Securities and Exchange Commission. The amount is unchanged from the compensation they were scheduled to get in 2020.
A grand jury in Tyler County, Texas, has indicted Netflix on charges of “disseminating lewd material” for distributing the French film Cuties. The indictment, which specifically names company co-CEOs Reed Hastings and Ted Sarandos, accuses the Netflix of “the lewd exhibition of the genitals or pubic area of a clothed or partially clothed child who was younger than 18 years of age, which appeals to the prurient interest in sex and has no serious literary, artistic, political, or scientific value.”
The co-CEO of the streaming giant discusses his company’s culture of candor and how working from home is harder.
Netflix CEO Reed Hastings and his wife, Patty Quillin, are donating $120 million toward student scholarships at historically black colleges and universities. The couple is giving $40 million to each of three institutions: the United Negro College Fund, Spelman College and Morehouse College. The organizations said it is the largest individual gift in support of student scholarships at HBCUs.
Reed Hastings, the streaming giant’s founder, CEO, president and chairman of the board, tallied $38.6 million in 2019, according to an SEC filing — a $2.5 million increase from the previous year. Chief Content Officer Ted Sarandos saw a $5.1 million bump to $34.7 million.
Netflix’s two top execs, CEO Reed Hastings and chief content officer Ted Sarandos, will each see their pay rise to more than $34 million in 2020, according to the company’s filing with the SEC on Monday. Both are set to make $34.7 million next year, which would represent a 10% pay increase from the $31.5 million each earned this year.
Netflix Chairman and CEO Reed Hastings said he’s not “worried” about the imminent launch of Disney Plus — but he did indicate that he sees the Mouse House as the most robust new rival in the streaming wars. “Disney is a great company — we admire them,” said Hastings, speaking at the New York Times’ DealBook conference Wednesday in Manhattan. “They’re a wonderful competitor.”
Netflix faced Wall Street’s brutal reckoning Thursday with its stock plummeting 10 percent, cleaving $17 billion in value from the streaming company. The hit came after Netflix said Wednesday that it had only added 2.7 million subscribers in its most recent quarter, far shy of the 5 million previously forecasted.
Netflix expects a $3.5 billion deficit in its free cash flow this year over the $3 billion previously estimated. In its earnings, the company also expects to add fewer subscribers than forecast, projecting a net addition of 5 million subs over Wall Street’s 6.09 million expectation.
The streamer disclosed in a regulatory filing Dec. 28 that its top executive, CEO Reed Hastings, could make as much as $31.5 million during the upcoming year. That compares with the up to $29.4 million he stood to receive for his work in 2018. Hastings’ 2019 pay package is made up of just $700,000 in salary and as much as $30.8 million in stock options. Content chief Ted Sarandos will also see his compensation go up in 2019, matching Hastings’ $31.5 million potential total.
Netflix CEO Reed Hastings is writing a book pulling back the curtain on his leadership strategy and the company’s culture. Co-authored by business writer Erin Miller, it will be published by Penguin next year.
Netflix Chief Executive Reed Hastings received a stock option grant worth $28.7 million for the coming year, according to documents filed with the securities and exchange commission. Hastings’ annual salary in 2018 will be $700,000.
BARCELONA, Spain (AP) — Netflix employees were personally affected by U.S. President Donald Trump’s attempt to ban people entering from seven Muslim countries, the company’s CEO said Tuesday. Reed Hastings […]
CEO Reed Hastings acknowledged that a lack of sports is a big factor preventing his streaming service from matching cable in subscribers.
Wall Street is hoping Monday’s earnings report shows a 500,000 increase in U.S. subscribers and a jump of 2 million for international subscriptions, Peter Kafka reports. It’s also worth paying attention to CEO Reed Hasting’s comments about Comcast — the once prickly relationship seems to have thawed since Comcast agreed to put Netflix on its X1 set-top boxes.
Netflix members watched 12 billion hours of video in the fourth quarter of 2015, up 45% from a year earlier, CEO Reed Hastings said Wednesday. “We’re at the start of a global revolution,” he said, speaking at the Consumer Electronics Show in Las Vegas.
With OTT, Nets Have Netflix In Their Sights
Instead of trashing the network news business, Netflix CEO Reed Hastings should focus on his core business. With the big old-line media companies growing more and more interested in the potential of OTT, Hastings is liable to find his programming suppliers morph into competitors.
Netflix chief Reed Hastings thinks TV news — specifically national evening news — is dying. When asked about creating a live evening newscast — as rival HBO is doing with its partnership with Vice — Hastings responded: “You don’t want to invest in things that are dying.”
Netflix CEO Reed Hastings doesn’t appear to be too worried about Apple muscling into his territory, even if investors are.
“No advertising coming onto Netflix. Period,” CEO Reed Hastings said in a Facebook post. “Just adding relevant cool trailers for other Netflix content you are likely to love.” The post came after reports surfaced that Netflix has begun experimenting with ads before shows, but they are not ads in the traditional sense.
Netflix has slashed executive pay for CEO Reed Hastings and Chief Content Officer Ted Sarandos, though both have the opportunity to earn far more in total compensation through stock options. Hastings’ salary will be cut from $3 million per year to $1 million. This comes just one year after the board upped Hastings’ salary by $1 million, according the company’s regulatory filing on Monday.
Reed Hastings wants to talk about the future of TV. So he’s asking the people who run movie studios, TV networks and entertainment conglomerates to join him for a private chat. The Netflix CEO has invited many of the top executives in the TV and film world, along with some representatives from hardware and Internet companies, to a gathering at a Utah resort next month. Invitations to the event, distributed to the likes of CBS CEO Les Moonves and HBO CEO Richard Plepler, say that Hastings and Netflix content boss Ted Sarandos want to discuss the future of TV.
In a blog post, Netflix’s Reed Hastings called for rules that would prevent ISPs from extracting a toll to deliver shows such as House of Cards over their networks. In doing so, Hastings staked out a position that could save the world’s largest subscription-video service millions of dollars a year in fees it recently agreed to pay.
Netflix raised the salary of its chief executive Reed Hastings by 50% to $6 million for 2014, a regulatory filing shows, as its stock quadrupled in value this year amid new programming and a growth in its subscriber base. Hastings will receive $3 million each in cash and stock options for the year.
Netflix CEO Reed Hastings in an essay on the future of streaming video, envisions a world where “apps replace channels.” “Existing networks, such as ESPN and HBO, that offer amazing apps will get more viewing than in the past, and be more valuable,” he wrote. “Existing networks that fail to develop first-class apps will lose viewing and revenue.”
Netflix CEO Reed Hastings said on his public Facebook page Thursday that subscribers watched 4 billion hours of content on Netflix in the first quarter, prompting one Wall Street analyst to declare that the new-media company is “now likely the most-watched cable network.”
The future of television will be driven by Internet networks, and traditional cable TV companies will inevitably morph into Web-based content providers, Netflix CEO Reed Hastings predicted Tuesday. The flexibility of Internet programming is already attracting content creators, and even online video providers are getting into the production game themselves, Hastings said.
