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