New policy follows Netflix CEO investigation
The Securities and Exchange Commission has revised its reporting requirements, enabling companies to use social media to announce information that could be of interest to investors. The Commission cites its investigation into a Facebook post by Netflix CEO Reed Hastings, which noted viewership metrics and drove up the company's stock value, as the driving force behind its reconsideration and clarification of the current Regulation FD reporting requirements.
Hastings to earn $4 million next year at Netflix
Netflix CEO Reed Hastings will see a bigger paycheck from the video streaming service next year, with the streaming service revealing a $4 million compensation package in documents filed today with the Securities and Exchange Commission. Hastings will receive $2 million in salary and $2 million in compensation through stock options, with the latter growing or shrinking in value depending on Netflix's performance. The 2013 pay package represents a significant jump for Hastings, who earned $500,000 in salary and $1.5 million in stock options in 2012.
July Facebook post could net Netflix a civil claim
Netflix and its CEO Reed Hastings have been informed by the Securities and Exchange Commission that they could face a civil claim over a post a statement Hastings posted to Facebook over the summer. This past July, Hastings' Facebook page announced Netflix had surpassed a billion hours of user streaming for the month of June, the first time the service has done so in its history. That post, though, may have violated regulations regarding fair disclosure, the SEC has reportedly told Netflix.
Netflix, Facebook, News Corp. take flak
A Saturday Night Live dress rehearsal sketch, now online, satirizes industry reactions to the death of former Apple CEO Steve Jobs. Executives from many companies were quick to praise Jobs in the days immediately after Apple's formal announcement. The SNL sketch jokes, though, that many corporate heads claim to admire Jobs without actually understanding what makes Apple products work.
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."