Netflix Names Ted Sarandos Co-CEO Amid Second Shutdown-Driven Subscriber Spike
Streamer added 10 million subscribers in second quarter, bringing global total to 193 million
“This change makes formal what was already informal—that Ted and I share the leadership of Netflix," said Reed Hastings of his new co-CEO.
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Key insights:
- Streamer expects a contracted second half of the year as subscription growth tapers off.
- Netflix continues to brush off its competitors, but acknowledged that TikTok is seeing "astounding" growth.
Netflix has promoted longtime chief content officer Ted Sarandos to the co-CEO position, the company said today after reporting a second straight quarter of higher-than-usual global subscriber gains driven by the ongoing Covid-19 pandemic.
