Netflix seeks to raise share authorization in step to stock split

Reuters News
Posted: Apr 10, 2015 7:28 PM

(Reuters) - Netflix Inc is seeking to increase its share authorization by nearly 30 times, the video streaming service said in a filing with regulators.

The company is seeking shareholder approval to increase the number of shares authorized to 5 billion from the current 170 million, a regulatory filing showed.

The move by Los Gatos, California-based Netflix, whose stock has traded at above $300 for a year-and-a-half, indicates a first step toward a possible stock split.

Netflix, whose shares closed at $454.57 on Friday on the Nasdaq, was not immediately available for comment.

(Reporting by Sai Sachin R in Bengaluru. Editing by Andre Grenon)