Netflix CEO apologizes for how rate hike was handled

09/19/2011 |

Netflix issued an apology for the way it handled a recent price increase and announced in a blog post by CEO Reed Hastings that its DVD rental and streaming businesses will be run as separate units. Netflix's DVD services will soon be known as Qwikster. Netflix shares have fallen by nearly half since the company announced its new pricing structure, which increases fees for subscribing to both services by 60%.

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