Netflix shuts movie financing arm to focus on core
By Behind The Scenes TV on Jul 25, 2008 in DVD, Film Business, News
The movie-rental service Netflix Inc. is closing a small unit that finances independent movies, partly to avoid competing with Hollywood studios with which it partners for DVD and Internet distribution.
The financial impact on the company will be small, and only four out of about 400 employees are losing their jobs.
(Associated Press)
