Like Customers, Media Companies are Falling In Love with Netflix (NFLX)
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Shares of Netflix, Inc. (Nasdaq: NFLX) are strong Monday as some media firms have changed their tune on the company, the Wall Street Journal reported over the weekend.
At quarterly conference calls, media titans like Time Warner (NYSE: TWX) and CBS (NYSE: CBS) were "doling out praise for Netflix" as the Journal puts it. This is in contrast to the neutral to negative tone seen in prior months.
CBS CEO Les Moonves has become one of Netflix's biggest fans. On last week's earnings call he said, "'it's great to be in business with them and they are terrific." Just last September, he said he was trying to figure out what Netflix was.
Even Time Warner's Jeff Bewkes has begun to view the rental service in a positive light. He called Netflix "a welcome addition." In the past Bewkes poked fun at Netflix, saying "It's a little bit like, is the Albanian army going to take over the world?…I don't think so."
The new tone from these media companies comes as they adapt to consumer behavior changes with little options to resist the change. It also makes it an easier pill to swallow since Netflix is paying substantial sums for their content.
Share of Netflix are up 3 percent to $236.29 Monday morning.
At quarterly conference calls, media titans like Time Warner (NYSE: TWX) and CBS (NYSE: CBS) were "doling out praise for Netflix" as the Journal puts it. This is in contrast to the neutral to negative tone seen in prior months.
CBS CEO Les Moonves has become one of Netflix's biggest fans. On last week's earnings call he said, "'it's great to be in business with them and they are terrific." Just last September, he said he was trying to figure out what Netflix was.
Even Time Warner's Jeff Bewkes has begun to view the rental service in a positive light. He called Netflix "a welcome addition." In the past Bewkes poked fun at Netflix, saying "It's a little bit like, is the Albanian army going to take over the world?…I don't think so."
The new tone from these media companies comes as they adapt to consumer behavior changes with little options to resist the change. It also makes it an easier pill to swallow since Netflix is paying substantial sums for their content.
Share of Netflix are up 3 percent to $236.29 Monday morning.
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