Monday, October 10, 2011

Netflix Aborts Qwikster Plans, Will Not Split Firm

In a dramatic about face, Los Gatos-based Netflix said this morning that it will not be splitting its DVD and streaming video services into two companies, and will not be spinning off its DVD-by-mail service as Qwikster. In a terse statement, Netflix CEO Reed Hasting said that "There is a difference between moving quickly -- which Netflix has done very well for years -- and moving too fast, which is what we did in this case."