Netflix backtracks on plans

Netflix has backtracked on its plans to split its DVD rental arm into a seperate company. What about its plans to go global?

Reed Hastings had originally exasperated himself explaining that there was no such thing as a company moving too fast- he was evidently spurned by the loss of one of its key content providers: starz.

In a 'shock' announced today, the CEO of Netflix Reed Hastings reached the conclusion that he may have been a bit quick to act and has renounced the new changes to the DVD arm of the business- DVD rentals will still be hosted on the netflix.com site. However, the unpopular summer price change will stick with customers.

"Consumers value the simplicity Netflix has always offered and we respect that," Netflix CEO Reed Hastings says in a press release. “There is a difference between moving quickly -- which Netflix has done very well for years -- and moving too fast, which is what we did in this case" Someone sounds very apologetic.

Netflix was heavily criticised for its recent company shake up- with many suspecting the company for deliberately creating a company that was hard to contact and hard to remember- the company has apparently seen sense and withdrawn any immediate plans to change how it operates.

We're still hoping for a UK branch of netflix, so we'll keep you updated on the story as it happens.

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