Shares climb 4.9% to $112.34
Netflix got a bump in early trading Wednesday on reports that CEO Reed Hastings has had a series of meetings with cable operators about partnerships that could expand its video subscription service.Shares of Netflix climbed $5.21, or 4.9%, to $112.34 pre-market before retreating. They were off their highs but changing hands at about $108 at midday. Hastings indicated last week at a media conference that it might make sense for both sides for cable operators to offer its services as part of an overall cable subscription package. “To be able to add Netflix to the bill, that might be very powerful, especially as we do more and more original content. We are more and more a classic cable network … and so I think that probably is a logical path,” Hastings said. He called it the “natural direction” long term. Hastings frequently cites HBO as his company’s biggest competitor, versus other streaming services that don’t invest nearly as much in content. Shares of Netflix climbed $5.21, or 4.9 percent, to $112.34 in premarket trading Wednesday.