Netflix boss joins Facebook board

Netflix chief executive Reed Hastings becomes a Facebook director, paving the way for more partnerships between the companies.

By Kim Peterson Jun 23, 2011 2:17PM
Netflix (NFLX) may have just secured a big weapon for its arsenal: Facebook.

The chief executive of Netflix, Reed Hastings, has joined the board of the social-networking giant. Hastings is also on the board of Microsoft (MSFT). Note: MSN Money is owned by Microsoft.

So what does this mean? Netflix is already trying to integrate itself into Facebook, and I imagine the partnership will continue to flourish. Now, Netflix will have more opportunity to become a primary video streaming source for Facebook users.

Facebook has been experimenting with streaming movies. Warner Bros. offered "The Dark Knight" for rental on its Facebook page earlier this year. Now, Facebook can get expert help from Netflix when it comes to delivering streaming video on a mass scale.

Facebook can also get some IPO advice. Many expect Facebook to announce an initial public offering for sometime next year.

"Reed is an entrepreneur and technologist who has led Netflix to transform the way people watch movies and TV," said Facebook's chief executive, Mark Zuckerberg, in a statement. "He has built a culture of continuous rapid innovation, something we share and work hard to build every day."

Hastings was equally complimentary: "Facebook is propelling a fundamental change in how people connect with each other and share all kinds of content.

Facebook's board also includes Washington Post Co. (WPO) chairman Donald Graham and three well-known tech names: Netscape founder Marc Andreessen, Jim Breyer of Accel Partners and PayPal co-founder Peter Thiel.

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