The streaming giant is not having a good start to the week.
Netflix's chief communications officer Johnathan Friedland was ousted from his post in lieu of racially-insensitive comments he had uttered during meetings. In a memorandum to staff, CEO Reed Hastings notes how Friedland's "descriptive use of the N-word on at least two occasions at work showed unacceptably low racial awareness and sensitivity, and is not in line with our values as a company."
Ironically, the company released an ad, titled "A Great Day in Hollywood" that highlights the myriad black artists who work with the streaming company.
As a result of the scandal, Netflix's stocks plummeted 6.6% Monday morning to $384.30 per share, as investors effectively reacted to a myriad of events, including a possible trade war with China. Ironically, the streaming service's stocks hit a record high of $411.09 per share on Friday.
The Trump administration's plea to prohibit Chinese firms from investing in the American technology sector by deterring technology exports to China crucially impacted the company's market value.
Similarly, ProSiebenSat.1 and Discovery have announced that they have joined forces in order to launch a German TV subscription-streaming platform, effecting merging the former's Maxdome VOD service with the latter's Eurosport Player. This union will effectively culminate in some stiff competition for Netflix in the German market.