Soar­ing Net­flix shares set to be split seven-for-one

The China Post - - WORLD BUSINESS -

Online tele­vi­sion stream­ing ti­tan Net­flix an­nounced plans Tues­day for a seven-to-one split of its high-fly­ing shares of stock.

The Net­flix board ap­proved a plan to award six shares for each com­mon stock share owned as of July 14 of this year, the Cal­i­for­nia-based com­pany said.

Net­flix shares rose more than two per­cent to US$ 699.25 in af­ter-mar­ket trad­ing that fol­lowed news of the com­ing stock split.

Net­flix shares have surged this year in ap­par­ent an­tic­i­pa­tion of a split, which should make the stock ac­ces­si­ble to a wider ar­ray of in­vestors.

Net­flix shares jumped last month af­ter news re­ports that the stream­ing tele­vi­sion gi­ant was in talks to be­gin oper­a­tions in China.

The com­pany, which has added orig­i­nal pro­grams such as “House of Cards” and “Marco Polo” to its of­fer­ings, said in April that its global mem­ber­ship had topped 60 mil­lion.

The on-de­mand stream­ing ser­vice added a record 4.9 mil­lion new mem­bers glob­ally dur­ing the first three months of this year.

It has oper­a­tions in some 50 coun­tries and ex­pects to even­tu­ally be avail­able in 200 mar­kets.

Brad Pitt’s next movie “War Ma­chine” will be re­leased ex­clu­sively on Net­flix and in se­lect the­aters next year, the top stream­ing ser­vice an­nounced ear­lier this month.

The deal is the latest by Net­flix to bring orig­i­nal big-screen pro­duc­tions di­rectly to the online ser­vice rather than launch­ing them only with tra­di­tional the­atri­cal re­leases.

The movie, de­scribed as a provoca­tive satir­i­cal com­edy, tells the story of a “rock star” gen­eral whose lethal rep­u­ta­tion and fault­less track record cat­a­pults him to com­mand the U.S. war in Afghanistan.

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