Trending Now - Reed Hastings Departs Netflix After Nearly Three Decades

WHO:

ABC News - Reed Hastings, co-founder and chairman of Netflix

CNN - Ted Sarandos, co-CEO of Netflix

CNN - Greg Peters, co-CEO of Netflix

Engadget - Marc Randolph, co-founder of Netflix

WHAT:

TechCrunch - Hastings helped to transform the video rental industry, first with physical, then digital, delivery.

Deadline - Ted Sarandos stated that Netflix "built our M&A muscle" during its pursuit of Warner Bros. Discovery.

Deadline - Sarandos acknowledged that Netflix was "willing to put emotion and ego aside" and walk away from the Warner Bros. acquisition deal.

Bloomberg Markets - Netflix's forecast for the second quarter of 2026 fell short of analysts' expectations, leading to a nearly 9% drop in shares to $98.32 in after-hours trading.

Variety - Co-CEOs Ted Sarandos and Greg Peters expressed heartfelt praise for Reed Hastings, describing him as "selfless, disciplined and graceful" during the Netflix Q1 earnings interview.

ABC News - Hastings stated, "My real contribution at Netflix wasn’t a single decision; it was a focus on member joy, building a culture that others could inherit and improve, and building a company that could be both beloved by members and wildly successful for generations to come."

Engadget - Hastings thanked Greg Peters and Ted Sarandos, saying, "A special thanks to Greg and Ted, whose commitment to Netflix’s greatness is so strong that I can now focus on new things."

The Verge - Netflix announced it will be launching a redesigned mobile app, which will include a vertical video feed, at the end of April 2026.

The Verge - The company stated that the lines between “entertainment on TV and mobile devices are blurring,” noting that video podcasts “over-index” on mobile.

The Verge - Co-CEO Greg Peters mentioned in January 2026 that the company was planning to revamp its mobile UI to better serve the expansion of its business over the decade to come.

Deadline - Co-CEOs Ted Sarandos and Greg Peters each received total compensation of over $53 million in 2025, with Sarandos earning $53.9 million and Peters earning $53.2 million, marking a decrease from their 2024 compensation.

Engadget - Hastings stated, "Netflix changed my life in so many ways, and my all-time favorite memory was January 2016, when we enabled nearly the entire planet to enjoy our service."

CNN - Hastings will not seek re-election to the company’s board of directors once his term expires in June 2026.

ABC News - Reed Hastings will step down from Netflix's board of directors in June 2026 when his term expires.

Engadget - Hastings has served as Netflix’s CEO for over 20 years until 2023.

Bloomberg Markets - Hastings is leaving after 29 years to pursue philanthropy and personal interests.

ABC News - Netflix shares fell nearly 9% to $98.32 in after-hours trading following the company's disappointing earnings forecast.

WHERE:

CNN - Netflix is headquartered in Los Gatos, California.

WHEN:

The Verge - The redesigned mobile app is set to launch at the end of April 2026.

ABC News - Hastings' departure will take effect in June 2026.

Engadget - Hastings founded Netflix in 1997.

CNN - Hastings stepped down as co-CEO in 2023.

WHY:

CNN - Hastings' exit comes less than two months after Netflix's decision to exit the bidding war for Warner Bros. Discovery, which was acquired by Paramount in February 2026.

CNN - Hastings' departure comes less than two months after Netflix's decision to exit the bidding war for Warner Bros. Discovery, which was acquired by Paramount in February 2026.

CNN - Hastings' decision to step down comes less than two months after Netflix's decision to exit the bidding war for Warner Bros. Discovery, which was acquired by Paramount.

ABC News - Hastings plans to focus on philanthropy and other pursuits.

CNN - Hastings stated his contribution to Netflix was a focus on "member joy" and building a culture for future generations.

HOW:

Engadget - Hastings helped transform Netflix from a DVD-by-mail service to a streaming giant, starting the streaming service in 2007.

(UPDATED April 17, 2026 17:13 UTC)

Reed Hastings has stepped down from his role at Netflix, marking a significant shift in leadership for the company he helped transform from a video rental service to a digital streaming giant. This change comes just weeks after Netflix decided to withdraw from the bidding war for Warner Bros. Discovery, which was ultimately acquired by Paramount in February. Ted Sarandos noted that during this pursuit, Netflix developed its merger and acquisition capabilities and was prepared to set aside personal feelings to walk away from the deal.

(UPDATED April 17, 2026 15:16 UTC)

Netflix's forecast for the second quarter of 2026 has disappointed analysts, resulting in a nearly 9% drop in shares to $98.32 during after-hours trading. This news follows the recent departure of co-founder Reed Hastings, which occurred less than two months after Netflix opted out of the bidding war for Warner Bros. Discovery, a company that was acquired by Paramount in February. The combination of these developments has raised concerns among investors about the streaming giant's future direction.

(UPDATED April 17, 2026 13:19 UTC)

In a heartfelt moment during Netflix's Q1 earnings interview, Co-CEOs Ted Sarandos and Greg Peters praised Reed Hastings, highlighting his selflessness, discipline, and grace. Hastings reflected on his time at Netflix, emphasizing that his true contribution was fostering a culture focused on member joy and ensuring the company could thrive for generations. He also expressed gratitude to Sarandos and Peters for their strong commitment to Netflix, allowing him to shift his focus to new ventures following his recent decision to step down.

(UPDATED April 17, 2026 11:15 UTC)

Netflix has announced that it will be launching a redesigned mobile app featuring a vertical video feed at the end of April 20th26. The company highlighted that the lines between entertainment on TV and mobile devices are blurring, with video podcasts performing particularly well on mobile. Co-CEO Greg Peters mentioned back in January that this revamp of the mobile user interface is part of a broader strategy to adapt to the evolving landscape of entertainment over the next decade.

(UPDATED April 17, 2026 04:01 UTC)

In a significant development for Netflix, Co-CEOs Ted Sarandos and Greg Peters each received total compensation exceeding $53 million in 2025, although this reflects a decrease from their earnings in 2024. Meanwhile, Netflix co-founder Reed Hastings announced he will not seek re-election to the company's board of directors when his term ends in June 20th26, a decision that follows Netflix's recent exit from the bidding war for Warner Bros. Discovery. Hastings reminisced about his time with the company, stating that Netflix changed his life and recalling his favorite memory from January 20th16 when they expanded their service to nearly the entire planet.

(UPDATED April 16, 2026 23:10 UTC)

Reed Hastings, co-founder and chairman of Netflix, will step down from the company's board of directors in June 20th26 when his term expires. After serving as CEO for over 20 years until 2023, Hastings is leaving Netflix after 29 years to focus on philanthropy and personal interests. His departure comes as Netflix shares fell nearly 9% to $98.32 in after-hours trading following a disappointing earnings forecast. Hastings founded Netflix in 1997 and played a crucial role in transforming it from a DVD-by-mail service to a streaming giant, launching the streaming service in 2007. He emphasized that his contribution to Netflix centered on "member joy" and creating a culture for future generations.