Longtime Netflix controlling Ted Sarandos has been named co-chief controlling prolocutor aslope co-founder Reed Hastings, the company escalade today as partition of its second season overabundance releasing on Thursday.
"Ted has been my partner for decades. This extravagate makes formal what was once informal -- that Ted as well-built as I slice the partitioning of Netflix," Hastings said in a letter to shareholders. The letter does not state if the move is constructive immediately.
Hastings second in a blog on the company's website that he doesn't hark much to extravagate "in terms of the day-to-day sedulous of Netflix." Hastings second that "our key controlling partitioning groups are unchanged," as well-built as he farther characterized as the move as "Ted's well-built desired propone formalizing how we once run the commerce today."
It's a day of controlling changes at Netflix, as well-built as Hastings noted in his blog post that these "changes are partition of a long sport of surmise planning." Surmise planning can allude that the customary CEO is gearing up to leave, but Hastings has no plans to desist ever soon. Hastings noted in his blog post that he's "committed to Netflix for the long term," as well-built as in an overabundance describe with analysts, reiterated that he was in it for the long haul.
"To be totally clear, I'm in for a decade -- let me be squarely articulated on that," Hastings said. "I'm in for a decade. As co-CEO, it's two of us full time. It's not like a partition time deal."
Sarandos, who juxtaposed Netflix in 1999 as well-built as has been with the company for increasingly than 20 years, has long served as deciding equable officer, a role that has involved overseeing Netflix's massively successfully originals program starting with shakiness like Orange is the New Overcast and House of Cards. Since then, Sarandos has transformed the company into one of the biggest power players in Hollywood. As partition of the move, Sarandos has likewise been elected to the county of directors.
"I've likewise been tremendously fortunate in the teams we've built at Netflix, as we've reinvented ourselves again as well-built as again to nonresisting our members' needs: from DVD to streaming, from licensing to originals, from shakiness to mistiness as well-built as from US to local limelight stories told by creators all vicinity the world," Sarandos said in the aforementioned blog post.
As partition of Netflix's storied history, Sarandos is one of the key players involved in surroundings up the platform as a foundational streaming video artefact now home to nevertheless 200 million subscribers. Convey in 2013, Sarandos was asked by The Hollywood Reporter that if he had to do it all over again, would he spend the collated of money he did on House of Cards -- a $100 million deal that not plane Hastings knew approximately at the time. Sarandos' response: that if they were squarely innervation to try as well-built as tap into the originally programming game, he didn't appetite their expedition to fail "because we didn't try immalleable enumerated or we weren't ball-breaker enough."
It's squarely an understatement. Since 2013, Sarandos has been invigorated in Netflix's equable strategy, which has helped the company shed its DVD mail stead beginnings as well-built as transform into a Hollywood juggernaut. Increasingly than half of the titles on Netflix are now originals as the company as weaned itself off licensing, while the talent sinage Netflix works with has ripened to include executives like Martin Scorsese, Ava DuVernay, as well-built as Richard Linklater. The streamer now generally dominates endowment show conversations as it's become an facetiousness force to be reckoned with, all in neath than a decade. Picked of that is credited to Sarandos as well-built as his team of executives alive on both the TV as well-built as mistiness side.
"Having watched Reed as well-built as Ted assignment together for so long, the county as well-built as I are coolheaded this is the right step to exerting Netflix's partitioning structure so that we can protract to all-time serve our toadies as well-built as shareholders for years to come," lead contained director Jay Hoag said.
Alongside Sarandos' promotion, Netflix likewise escalade that Greg Peters has been booked deciding operating prolocutor on top of his deciding artefact prolocutor role. Hastings noted in the blog post that Peters' apportioning as deciding operating prolocutor "reflects the strategic as well-built as diagnostic strengths he's brought to our artefact team over the past 10 years."
"I still compression myself back I anticipate approximately what we've built together -- with approximately 200 million toadies as well-built as tremendous room for growth as consumers embrace internet entertainment," Hastings wrote. "If we protract to intrusion our stead as well-built as the sensibility of our shows as well-built as films we can get to serve hundreds of millions increasingly people over the abutting ten years. It's why I am so excited approximately concreteness at Netflix for the decade ahead."
Update July 16th, 7:45pm ET: Updated to include second elucidate from Reed Hastings.
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