NETFLIX INC

Netflix announced the appointment of Jay Hoag as the new Chairman of the Board, effective at the conclusion of the 2026 Annual Meeting. Mr. Hoag previously served as the Lead Independent Director. During the Annual Meeting, all 12 director nominees were elected, the appointment of Ernst & Young LLP as the independent auditor was ratified, and the advisory resolution for executive compensation was approved. Additionally, all four non-binding stockholder proposals presented were not approved by shareholders.

Netflix's Board of Directors authorized an additional $25 billion for common stock repurchases, supplementing the existing program from December 2024. As of March 31, 2026, approximately $6.8 billion remained under the prior authorization. The new program has no expiration date and allows for repurchases through various methods, including open market transactions and accelerated plans, providing flexibility for management to execute based on market conditions.

Netflix reported strong financial results for the first quarter ended March 31, 2026. The company saw a significant increase in revenue, reaching $12.25 billion, up 16% year-over-year. Net income surged by 83% to $5.28 billion, driven by robust operating performance and a substantial increase in other income. These results indicate continued growth and profitability for the streaming giant.

Netflix, Inc. announced its financial results for the quarter ended March 31, 2026, with comprehensive details provided in the Letter to Shareholders. Concurrently, Reed Hastings informed the company of his decision not to seek re-election as a director at the upcoming 2026 annual meeting of stockholders. He will continue to serve as a director and Chairman of the Board until his current term expires at the Annual Meeting.

Netflix announced a 10-for-1 stock split of its common stock, subject to an amendment to the company's Amended and Restated Certificate of Incorporation. Shareholders of record on November 10, 2025, will receive nine additional shares for every share held, with trading on a split-adjusted basis beginning November 17, 2025. This split aims to make the stock more accessible to a broader range of investors.

Netflix has amended its Executive Officer Severance Plan to provide assurances of specified severance benefits to eligible executives upon certain terminations of employment. The plan aims to attract and retain highly qualified individuals and is an unfunded arrangement intended to be exempt from ERISA requirements. The amendment includes defined terms such as 'Accrued Benefits,' 'Administrator,' and 'Change in Control,' clarifying the conditions and benefits associated with executive severance.

Netflix and Warner Bros. Discovery (WBD) have entered into a merger agreement where Netflix will acquire WBD's Streaming & Studios businesses. WBD will first undergo an internal reorganization, separating its Global Linear Networks business, before merging its remaining Streaming & Studios assets into a wholly-owned subsidiary of Netflix, making WBD a subsidiary of Netflix.

Netflix and Warner Bros. Discovery (WBD) have entered into a merger agreement where Netflix will acquire WBD's Streaming & Studios businesses. Prior to the merger, WBD will undergo a separation and distribution of its Global Linear Networks business. This acquisition significantly expands Netflix's content library and studio capabilities.

Netflix has entered into a $5 billion senior unsecured revolving credit agreement with Wells Fargo and other lenders. The funds will be used to finance the cash portion of its merger agreement with Warner Bros. Discovery, pay related fees, and potentially refinance existing debt, providing financial flexibility for the transaction and general corporate purposes.

Netflix entered into a $5 billion senior unsecured revolving credit agreement with lenders and Wells Fargo Bank, replacing a portion of a bridge commitment letter with a more permanent funding structure. The funds will be used for the cash portion of the Warner Bros. Discovery merger, related fees, and general corporate purposes.