Netflix, Inc. To Split DVD And Streaming Services-Reuters

Reuters reported that Netflix Inc is separating its movie streaming business and its DVD by mail service, which will be called Qwikster, Chief Executive Reed Hastings said in a company blog post. Andy Rendich, who has been worked at Netflix's DVD service for 12 years, and been leading it for the last 4 years, will become the CEO of Qwikster, Hastings said. The streaming business will retain the brand "Netflix," according to the blog post. Netflix's move follows the company's decision to increase the monthly subscription for a joint streaming and DVD rental service by as much as 60% that caused an uproar among customers and bloggers.