Tuesday, March 8, 2011

Netflix Falls As Facebook Announces Movie Deal With Warner Brothers

Shares of Netflix, Inc. (NASDAQ: NFLX) slumped as much as 4% on Tuesday after Facebook announced that it has made a deal with Warner Brothers to distribute movies on its platform. Warner Bros. said Monday that it is beginning to test renting movies via Facebook, using Facebook Credits, allowing consumers to watch movies directly from the social networking site. For now, the only movie available to rent on Facebook is Batman: The Dark Knight, but more should begin to appear soon. Stay tuned for more.

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