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Netflix beat forecasts for subscriber gains for the fourth quarter and also edged revenue estimates, but pressure on earnings per share reflected broader challenges in the streaming business. The company added almost 7.7 million subscribers during the fourth quarter, reaching 230.75 million globally. That was well ahead of Wall Street guidance of almost 4.6 million new customers and within sight of the stellar 8.3 million added in the year-ago quarter. Revenue came in at $7.82 billion, up just 2% from the same period in 2021 and a hair below Wall Street analysts’ consensus expectation for $7.85 billion. Earnings per share of 12 cents were well below the forecast of 45 cents and down from $1.33 a year ago. Along with the stats, the company announced that co-founder Reed Hastings would be passing the Co-CEO baton to Greg Peters. Hastings will become executive chairman. Peters had headed up product for Netflix before adding the chief operating officer title and then … [Read more...] about Netflix Beats Q4 Subscriber Growth Target, But Mixed Financial Results Reflect Challenging Environment

Gallery Launch Gallery CRMLS Zedd 's proving to the world once again -- big time DJs make big time bucks ... and they know how to spend it. The Russian-German DJ just paid a fortune to land a 9,341 sq. ft. palace in Benedict Canyon ... which is just outside of Bev Hills. The 5-bed, 8-bath mansion features a private outdoor terrace, a master retreat with wrap-around glass walls, an infinity pool, and several incredible views overlooking the hills. The kitchen boasts 2 built-in smokeless hibachi grills and high end appliances, there's a chimney and fireplace ... and a huge yard to boot. And did we mention the driveway crosses over a moat before leading to the home's entrance? Told you it was baller. The photos are amazing, shot by Chris Snitko of Modern Take. This is Zedd's second home in the area, too ... he paid a measly $4 million for a home in Hollywood Hills in 2014. Zedd was repped by James Harris, a big time realtor at The Agency. It's … [Read more...] about Zedd Drops $16 Million on Baller Benedict Canyon Mansion

Netflix has a new co-CEO. Netflix on Thursday announced that Greg Peters , who was previously COO and head of product, has been promoted to the role, sharing it with Ted Sarandos. It comes as company co-founder Reed Hastings steps down to become Executive Chairman. Separately, Bela Bajaria , formerly Head of Global TV, has become Chief Content Officer. Scott Stuber has become Chairman of Netflix Film. Hastings said the moves are the last in the company’s “succession planning.” His also said new role of Executive Chairman is one “founders often take,” referencing Jeff Bezos and Bill Gates, after they “pass the CEO baton to others.” Hastings co-founded Netflix as a DVD-by-mail company in 1997 and made Sarandos, whom he hired in 2000, Co-CEO in 2020. The company’s quarterly shareholder letter, noting the close working relationship among Peters, Sarandos and Hastings for the past 15 years, said the move “makes formal externally how we have been operating internally.” … [Read more...] about Reed Hastings Shifts To Executive Chairman Role At Netflix; Greg Peters New Co-CEO, Bela Bajaria & Scott Stuber Get New Titles

At the start of awards season, Edward Berger ’s All Quiet On The Western Front was a lock for International, but few could have foreseen how much further it would go. Alongside that nomination, the German film is now also in the running for Best Picture, having made the shortlist for Sound, Original Score, Adapted Screenplay, Makeup and Hairstyling, Production Design, Visual Effects and Cinematography. This grand haul follows its performance at the BAFTAs, where it gathered an astonishing 14 nominations in almost all major categories. As a result, the film joins Ang Lee’s Crouching Tiger, Hidden Dragon (2002) in second place to Richard Attenborough’s Gandhi (1981), which still holds the BAFTA record for nominations with 16. It’s a double-whammy that will surely prompt some second thoughts at Netflix: in a year that the streamer invested in some of cinema’s biggest names, one of its biggest critical hits is a foreign-language remake with no major stars, from a director best … [Read more...] about 2023 Oscars: ‘All Quiet on the Western Front’ Earns Nine Nominations