Reed Hastings is transitioning from co-chief executive to executive chairman of Netflix, with Greg Peters, who was instrumental in launching the platform’s new ad-supported tier, stepping up from COO and chief product officer to serve as co-CEO with Ted Sarandos. Hastings co-founded Netflix in 1997 and has run it ever since, transforming the company from a DVD-by-mail rental outfit to the world’s dominant streaming service. The C-suite shift comes as Netflix announced it beat its forecast for subscriber gains, ending Q4 with 230.8 million paid subscribers globally, news that spiked Netflix shares nearly 7 percent. Continue reading Reed Hastings Transitioning to Executive Chairman of Netflix

Following the House of Representatives passage of the Music Modernization Act in April, the U.S. Senate also gave its unanimous consent on September 18. The bill was renamed after Republican Utah senator Orrin Hatch, also a songwriter, scheduled to retire at the end of his term this year. With the Senate passage, the bill will return to the House to get approval for all the changes made to achieve Senate approval. If and when the House approves, the bill will go to President Donald Trump to become law. Continue reading Music Modernization Act Passed in Senate, Returns to House

Satellite radio giant SiriusXM is acquiring online music service Pandora Media in a $3.5 billion all-stock deal. The deal should help John Malone’s SiriusXM reach beyond its current audience that most commonly listens while driving, and better compete with Spotify. The satellite radio operator paid $480 million last year for a 19 percent stake in Pandora when it started losing subscribers to streaming services. Billionaire Malone has been expanding his radio empire; in addition to the Pandora deal, his Liberty Media has expressed interest in iHeartMedia. Continue reading Sirius to Acquire Pandora Media in $3.5 Billion All-Stock Deal

The largest owner of radio stations in the U.S., iHeartMedia Inc., filed for Chapter 11 bankruptcy last week to address $20 billion in debt. “The company said the agreement it ‍reached with holders of more than $10 billion of its outstanding debt would restructure its balance sheet by transferring 94 percent of the stock in the reorganized company to its lenders,” reports Reuters. The company has struggled with significant debt since its $17.9 billion leveraged buyout of Clear Channel Communications in 2008. Radio company Cumulus Media filed for Chapter 11 less than four months ago. Continue reading Radio Company iHeartMedia Files for Bankruptcy Protection

The Federal Communications Commission has approved the proposed acquisitions of Time Warner Cable and Bright House Networks by Charter Communications. If California regulators also approve (a decision is expected by Thursday), the deals would result in the second-largest broadband provider and third-largest video provider in the U.S. The Time Warner Cable deal is valued at $56.7 billion, while the Bright House deal is valued at $10.4 billion. Thomas Rutledge, president and chief exec of Charter, said the deals would lead to increased competition, more access to affordable broadband and new jobs. Continue reading FCC Approves Charter’s Purchase of TWC and Bright House

Comcast Corp. has agreed to purchase Time Warner Cable in an all-stock deal worth about $45.2 billion, in a move that will combine the top two U.S. cable operators. The boards of both companies have approved the proposed deal. The announcement likely marks the conclusion of an eight-month takeover battle waged by cable operator Charter Communications and its largest shareholder, Liberty Media. However, the proposed transaction is expected to face lengthy regulatory review. Continue reading Comcast to Acquire Time Warner Cable in $45.2 Billion Deal