Netflix Down 5.3% As BSkyB Plans Streaming

Date : 01/31/2012 @ 1:41PM
Source : Dow Jones News
Stock : Netflix, Inc. (MM) (NFLX)
Quote : 187.91  0.0 (0.00%) @ 8:18AM

Netflix Down 5.3% As BSkyB Plans Streaming

Netflix, Inc. (MM) (NASDAQ:NFLX)
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Shares of video rental provider Netflix Inc. (NFLX) were down 5.3% Tuesday after British Sky Broadcasting Group Plc (BSY.LN) announced a plan to challenge Netflix's recent U.K. launch with a streaming video service of its own.

The service, which will get underway in the next six months, will have unlimited access to a package of Hollywood movies for a monthly subscription fee, according to a report in The Wall Street Journal.

Netflix rolled out its streaming offering in the U.K. less than a month ago, as part of its attempt to expand to overseas markets. Netflix stock has been on a tear of late, up 29% over the past week and 71% in the last 30 days, amid renewed optimism about the company's streaming service.

-David B. Wilkerson; 415-439-6400; AskNewswires@dowjones.com

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