Netflix CEO Hastings joins Facebook board

Reuters News
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Posted: Jun 23, 2011 2:14 PM
Netflix CEO Hastings joins Facebook board

NEW YORK (Reuters) - Netflix Inc Chief Executive Reed Hastings is joining the board of directors at Facebook.

"(Hastings) has built a culture of continuous rapid innovation, something we share and work hard to build every day," said Mark Zuckerberg, founder and chief executive of Facebook in a statement released on Thursday.

Hastings' appointment as Facebook director comes as the world's No. 1 social networking site seeks to increase its media offerings of video and music. In recent months, for example, it struck a deal with Time Warner Inc's Warner Brothers movie studio to rent some titles such as "Harry Potter and the Sorcerer's Stone."

Netflix, the fast growing streaming video company also known for its bright red envelopes that delivers DVDs through the mail, has more than 23 million subscribers in the United States and Canada.

"Facebook is propelling a fundamental change in how people connect with each other and share all kinds of content," said Hastings in a statement

Hastings also serves on the board of directors at Microsoft Corp.

At Facebook, Hastings joins board members Marc Andreessen of Andreessen Horowitz; Jim Breyer of Accel Partners; Donald Graham, chairman and chief executive of the Washington Post Co; and Peter Thiel of Clarium Capital and Founders Fund.

(Reporting by Jennifer Saba; editing by Andre Grenon)