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NETFLIX CEO HASTINGS GETS BIG PAY BOOST

January 1, 2013 by · Leave a Comment 

Hastings

Netflix CEO Reed Hastings, who took a 43 percent pay cut after the blowup of his plan to raise subscription rates and divide the company in two — one to handle streaming, the other to handle physical DVDs — will have his pay doubled next year. Essentially he will receive $4 million next year, half in salary, the other half in stock options, according to the company’s latest SEC filing. Shares in the company have risen 29 percent since the beginning of 2012, but they are still way below their 2011 high before Hastings’s much criticized ploy. Net income is down 95 percent. And analysts have warned that he is burning through cash with deals to acquire content for the service from the major studios, to produce original material, and to expand overseas.