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Netflix Names Veteran Board Member Jay Hoag as Chairman Following Reed Hastings’ Exit

/ Media Entertainment & Art Community

Netflix has appointed longtime board member Jay Hoag as the new chairman of its board, succeeding co-founder and former chairman Reed Hastings, who recently stepped down from the company’s board. The leadership transition took effect after Netflix’s annual shareholders meeting on June 4, according to a filing with the U.S. Securities and Exchange Commission (SEC). Hastings had announced in April that he would be leaving the company to devote more time to philanthropy and other personal interests. A pivotal figure in Netflix’s evolution, Hastings helped transform the company from a DVD-by-mail service into one of the world’s leading streaming platforms, reshaping the way audiences consume films and television content. He also guided the company through the COVID-19 pandemic, a period that accelerated subscriber growth for streaming services globally. Hoag, co-founder of growth equity firm TCV, has been associated with Netflix for decades through TCV’s investment in the company. He joined Netflix’s board in 1999 and has served as lead independent director for more than ten years. In addition to his new role at Netflix, Hoag currently sits on the boards of Zillow Group and Peloton Interactive. Source: Reuters

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Reliance Industries’ media business saw its biggest growth last year, says Mukesh Ambani at Reliance AGM 2022

/ Media Entertainment & Art Community

Mukesh Ambani, chairman and managing director of Reliance Industries, stated in his speech to the shareholders on Monday that the company’s media division, which includes Viacom18 and Network18, achieved its highest growth last year as a consequence of strong engagement that led to record subscriptions and advertising revenues. “Our national channels CNN, News18, CNBC TV18, and News 18 India are consistently ranked number one. Moneycontrol is amongst the world’s most popular subscription products. Our news brands are innovating with storytelling methods across platforms building deeper relationships with audiences wherever they are and whatever device they use,” he added at the 45th annual general meeting (AGM) of Reliance Industries. The chairman also mentioned how Viacom18, the company’s entertainment division, strengthened its position as a market leader by forging a path into sports and winning the digital rights to the Indian Premier League (IPL) for a period of five years. “Along with key sporting rights in football, badminton, basketball, tennis and now cricket, Viacom18 is also investing in movie rights and original content for OTT. In news, entertainment and sports, digital is core and fast growing theme as we prepare to embrace the 5G revolution,” Ambani said.  He continued by saying that the collaboration with Bodhi Tree, James Murdoch, Uday Shankar, and Paramount Global will give Viacom18 access to more talent and help it become a world-class media and entertainment business. Ambani also praised the Reliance Retail leadership team at the AGM for attaining a turnover of Rs 2 lakh crore and earnings before interest, taxes, and depreciation (EBIDTA) of Rs 12,000 crore. He said, “Today, Reliance Retail is among the top ten retailers in Asia.” Isha Ambani, director of Reliance Retail, has stated that the company will begin selling FMCG products this year. She remarked in her speech to the Reliance Industries AGM, “The objective of this business will be to develop and deliver products and solve every Indian’s daily needs, with high quality products at affordable pricing,”

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