As he built Netflix into the world’s biggest streaming service, one of Reed Hastings’ management mantras was for his staff to “tell the emperor when he has no clothes”.
With Netflix losing almost two-thirds of its market value since November and analysts likening its fall to the dotcom crash, Hastings on Tuesday finally heeded his own advice and admitted that his corporate strategy might be seriously underdressed.
In the course of an hour on Tuesday, the Netflix founder jettisoned his long-cherished principles, reorienting a media group that changed Hollywood to cope with leaner times of slow growth and spending restraint.
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