Netflix has been battered and bruised in recent years, but it’s not on the auction block. So says longtime CEO Reed Hastings, who in an interview with The Wall Street Journal flatly stated that Netflix is not for sale.
Investor Carl Icahn recently acquired 10 percent of Netflix, and the company’s board immediately adopted a “poison pill” shareholder rights plan to make it extremely expensive for Icahn to acquire a larger stake in the company.
Hastings expects Icahn to wage a proxy battle to gain control of Netflix’s board, a battle which Hastings predicts the billionaire investor will lose. Said Hastings:
“We think we can make it in the long term absolutely on our own – we’ve been doing that for 10 years,”
While it’s easy to admire Hasting’s resoluteness, here’s the bigger question that needs to be asked: would it be better for Netflix (and its customers) if the company were sold?
[via Home Media Magazine]