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Facebook puts Netflix CEO Hastings on its board of directors

updated 04:35 pm EDT, Thu June 23, 2011

Zuckerber praises executive's leadership

Facebook has appointed Reed Hastings, chairman and chief executive of Netflix, to join the social networking company's board of directors. Facebook founder and CEO Mark Zuckerberg praised the executive as an "entrepreneur and technologist who has led Netflix to transform the way people watch movies and TV."

"He has built a culture of continuous rapid innovation, something we share and work hard to build every day," Zuckerberg added.

Hastings will serve as the sixth member of Facebook's board, which also includes Marc Andreessen of venture capital firm Andressen Horowitz; Jim Breyer of Accel Partners; Donald Graham, chairman and CEO of The Washington Post Company; and Peter Thiel of Clarium Capital and Founders Fund.

Although Facebook has yet to delve into the entertainment business, recent reports suggest the company is planning to expand its services with music integration that ties into the social networking experience. The company is said to be collaborating with Spotify, while engaging other music service providers to become involved in the project.

Separate reports from earlier in the year pointed to direct collaboration between Netflix and Facebook. The talks were rumored to be related to a media sharing deal, though Facebook declined to disclose the precise nature of its discussions with the streaming video provider.

"I'm looking forward to working with Mark and the rest of the board to help Facebook take advantage of all the opportunities ahead," Hastings said in a statement.



By Electronista Staff
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