By Clare Duffy | CNNNetflix announced Thursday that its founder Reed Hastings is stepping down as co-CEO at the company and will serve as executive chairman. Hastings will be replaced by co-CEOs Ted Sarandos and Greg Peters. Under Hastings’ leadership, Netflix disrupted legacy movie rental companies like Blockbuster and helped shake up Hollywood by kicking off an arms race investing in original content. Last year, however, Netflix saw its stock and reputation take a hit after losing subscribers amid heightened competition from rival streaming services. The company posted December quarter revenue of more than $7.8 billion, up just 1.9% from the prior year but in line with Wall Street analysts’ expectations.

Source: CNN January 19, 2023 22:34 UTC