Netflix cofounder Hastings to step down after it lost Warner Bros deal

What Happened

Netflix cofounder Reed Hastings announced his departure after 29 years, stepping down from his chairman role effective June. The announcement follows Netflix's loss of a $72 billion Warner Bros Discovery deal to Paramount Skydance. Despite the leadership change, Netflix reported strong Q1 financial results with 16 percent revenue growth to $12.25 billion and improved earnings per share. Stock prices declined approximately 8 percent following the announcement.

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