Netflix CEO issues apology to subscribers, outlines new DVD unit

09/19/2011 | · USA Today · Washington Post, The

Netflix CEO Reed Hastings has issued an apology for the way the company handled a recent price increase, and he announced that the company's DVD-rental and streaming-video businesses will be run as separate units. As part of the change, Netflix's DVD services will soon be known as Qwikster. Netflix shares have fallen by nearly half in the wake of its new pricing structure, which increased fees for subscribing to both services by 60%.

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