Key Developments: Netflix Inc (NFLX.O)
239.00USD
17 May 2013
$1.97 (+0.83%)
$237.03
$238.53
$242.75
$236.00
2,878,075
4,538,265
$248.85
$52.81
Latest Key Developments (Source: Significant Developments)
Netflix Inc Signs New Multiyear Licensing Agreement With Walt Disney Co.'s (DIS) Disney/ABC Television Group-DJ
Dow Jones reported that Netflix Inc signed a new multiyear licensing agreement with Walt Disney Co.'s (DIS) Disney/ABC Television Group that will make Netflix the exclusive U.S. subscription television service for five Disney Junior and Disney XD shows. Financial terms weren't disclosed. Full Article
Brower Piven Commences Class Action Lawsuit On Behalf Of Purchasers Of Netflix Inc
Brower Piven, A Professional Corporation announced that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Netflix Inc common stock during the period between July 3, 2012 and July 24, 2012, inclusive (the Class Period). The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period the significant risk, based on available data, that the Company might not achieve the projected 7 million net domestic streaming subscription additions. According to the Complaint, following Netflix's July 24, 2012 disclosure that net domestic streaming subscription additions were at about 530,000 for the second quarter of 2012 and that the Company might not meet its year-end target of 7 million net domestic streaming subscription additions, the value of Netflix shares declined significantly. Full Article
Rigrodsky & Long, P.A. Announces Securities Fraud Class Action Lawsuit Has Been Filed Against Netflix Inc
Rigrodsky & Long, P.A. announced that a complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the common stock of Netflix Inc between July 3, 2012 and July 24, 2012, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint"). Full Article
U.S. Judge Throws Out Netflix Inc's Shareholder Lawsuit-Reuters
Reuters reported that Netflix Inc won the dismissal of a shareholder lawsuit accusing the dominant U.S. video rental and streaming company of inflating its share price by concealing its rising costs, even as insiders like Chief Executive Reed Hastings sold millions of dollars of stock. U.S. District Judge Samuel Conti in San Francisco on February 13, 2013 said the plaintiffs failed to show that Netflix materially misled them about its accounting, its pricing trends, the relative profitability of its streaming and DVD businesses, and its dealings with U.S. securities regulators. He also said Hastings did not materially mislead investors in a conference call on December 8, 2010, when he said Netflix would benefit from a virtuous cycle where it could add subscribers and streaming content while lessening its DVD-by-mail costs. Full Article
Netflix Inc Prices $500 Million Offering Of 5.375% Senior Notes
Netflix Inc announced the pricing of an offering of $500 million aggregate principal amount of its 5.375% senior notes due 2021 (the Notes). The Notes are being offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The sale of the Notes is expected to close on February 1, 2013, subject to the satisfaction of customary closing conditions. Interest on the Notes will accrue at a rate of 5.375% per year, and will be payable in cash semi-annually in arrears, beginning on August 1, 2013. The Notes will mature on February 1, 2021, unless earlier repurchased or redeemed. Holders may require Netflix to repurchase their Notes upon the occurrence of certain change of control events at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any. Netflix will use approximately $225 million of the net proceeds from this offering to redeem its outstanding 8.50% senior notes due 2017, including expenses associated with such redemption, pursuant to the make-whole provision in the indenture governing such notes, and intends to use the remaining net proceeds for general corporate purposes, including capital expenditures, investments, working capital and potential acquisitions and strategic transactions. Full Article
Netflix Inc Proposes $400 Million Offering Of Senior Notes
Netflix Inc announced that it intends to offer, $400 million aggregate principal amount of senior notes due 2021 (the Notes) through an offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. Netflix will use approximately $225 million of the net proceeds from this offering to redeem outstanding 8.50% senior notes due 2017, including expenses associated with such redemption, pursuant to the make-whole provision in the indenture governing such notes and intends to use the remaining net proceeds for general corporate purposes, including capital expenditures, investments, working capital and potential acquisitions and strategic transactions. Full Article
Netflix Inc And Warner Bros. Television Group Sign 2012-2013 Network Slate Deal
Netflix Inc and Warner Bros. Television Group announced that it they have Signed a 2012-2013 Network Slate Deal for Hit Serialized Dramas From Warner Bros. Television Netflix Will be the Exclusive Online Home of Complete Prior Seasons of Shows from 2012-2013 Season Including Revolution (NBC), The Following (Fox), Longmire (A&E), Political Animals (USA) and 666 Park Avenue (ABC) Agreement Also Includes Hit Serialized Dramas Chuck, Fringe and The West Wing. The agreement covers a current slate of eight Warner Bros. shows as well as potential future shows. Under the agreement, the shows can also be made available via traditional syndication windows, electronic sell-through services and on a catch-up basis for recently aired episodes. Full Article
Netflix Inc Gets Pay Tv Rights For Walt Disney Co's Movies-Reuters
Reuters reported that Netflix Inc signed a multi-year agreement with Walt Disney Co, gaining exclusive U.S. pay television rights to Disney movie releases from 2016. Netflix subscribers will be able to watch new Disney movies on TV, tablets, computers and mobile phones. Disney's direct-to-video new releases will also be made available on Netflix starting 2013. Full Article
Newman Ferrara LLP Pursues Securities Fraud Claims Against Netflix Inc
Newman Ferrara LLP announced that a securities class action was filed on behalf of investors in Netflix, Inc. in the U.S. District Court for the Northern District of California. Investors who purchased shares of the Company’s common stock between December 20, 2010, and October 24, 2011 (Class Period). According to the Complaint, Netflix failed to disclose, among other things, that: it had expiring contracts with venders and faced either ending the contracts or higher prices in 2011; content providers had asked for higher licensing fees which would raise prices dramatically; its pricing would have to increase too accommodate the new licensing fees of its venders, and it would be short of its 2011 earnings projections. As a result, Netflix’s shares tumbled from $213.11 to $77.37 during the class period. Full Article
Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Netflix, Inc.
Ryan & Maniskas, LLP announced that a class action lawsuit has been filed in United States District Court for the Northern District of California on behalf of purchasers of the common stock of Netflix, Inc. between December 20, 2010 and October 24, 011, (Class Period). The Complaint alleges that Netflix and certain of its officers and directors violated federal securities laws. Specifically, defendants failed to disclose the following: Netflix had short-term contracts with content providers and defendants were aware that the Company faced the choice of renegotiating the contracts in 2011 at much higher rates or not renewing them at all; content providers were already demanding much higher license fees, which would dramatically alter Netflix's business; defendants recognized that Netflix's pricing would have to dramatically increase to maintain profit margins given the streaming content costs they knew Netflix would soon be incurring; and (4) Netflix was not on track to achieve the earnings forecasts for 2011. Full Article
Netflix adds five Disney shows to US streaming service
- Netflix Inc's U.S. streaming video service added five children's shows from Walt Disney Co's Disney Junior and Disney XD cable networks under a multiyear licensing deal announced on Thursday.
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