Netflix CEO Joins Facebook Board Of Directors, IPO Could Be Coming Soon

Filed as News on June 23, 2011 8:26 pm

Reed HastingsNetflix CEO Reed Hastings is joining the Board of Directors at Facebook, a likely signals that the company is getting closer to announcing their initial public offering (IPO).

Hastings helped Netflix navigate the often confusing world of IPO’s and that move is expected to be the next logical step for the world’s largest social network.

Reed also serves on the board at Microsoft which owns a small stake in the social network.

The move also comes at a time when Netflix has promised to deliver more social media and sharing features into their product, a promise that failed one-time already when their social media offering was less than ideally optimized.

Rumors have speculated that Facebook would take on Netflix via the streaming movie business with Warner Bros. recently testing video on-demand through the social platform, however Reed joining the board could mean a partnership is in the works, for example Netflix could use Facebook’s international reach and know-how to launch their DVD-by-mail and video-streaming services in more countries, while also tapping into Facebook’s nearly 700 million users to grow their own user base which currently tops 23 million customers.Speaking of the company’s new employee CEO Mark Zuckerberg noted:

“Reed is an entrepreneur and technologist who has led Netflix to transform the way people watch movies and TV” and “He has built a culture of continuous rapid innovation, something we share and work hard to build every day.”

Other silicon valley heavyweights already sitting on the board of directors at Facebook include Netscape founder Marc Andreesen and Paypal co-founder Peter Thiel.

 

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