Netflix beats estimates: Hastings opposes Comcast/TWC deal (Update: Comcast responds)

Tom Paine

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Netflix today reported first quarter results that topped estimates, with over $1 billion in
revenue and 48 million subscribers worldwide.

Its net profit of $53 million, or 86 cents per share, also beat estimates.

Netflix also said it planned to raise prices for new subscribers in many countries by up to $2 per month, or 25%.

In his letter to shareholders, CEO Reed Hastings also revealed publicly his opposition to Comcast's proposal to buy and merge with Time Warner Cable.

The merger "would possess even more anticompetitive leverage to charge arbitrary interconnection tolls for access to their customers. For this reason, Netflix opposes this merger," Hastings wrote.

Earlier this year, Netflix reached an agreement with Comcast to pay for direct interconnect access to Comcast's network. Initial results indicate increased speeds for customers using Netflix with Comcast.

Update: Comcast responds

Links 4/21/2014: First Round Capital portfolio firms in the news

Pfizer Said to Have Held Now-Dormant Talks to Buy AstraZeneca (Bloomberg)

Cash-strapped Square talks with potential buyers
Half of $340 million raised has been consumed, sources report

Aereo Case Will Shape TV’s Future (New York Times)

Aereo to Face Uphill Battle in Supreme Court, Experts Say (Analysis)
(Hollywood Reporter)

All atwitter for Gnip: Boulder waits to see impact of Twitter's purchase of local firm (Boulder Daily Camera)

Exclusive: Birchbox banks $60 million (Fortune Tech)
Square, Aereo, Gnip & Birchbox are all First Round Capital portfolio companies.

Tucker Twitmyer leaves EnerTech Capital (Fortune Term Sheet)
Will join Franklin Square Capital Partners.

Comcast, Time Warner Cable tie-up could change business services landscape (SNL Kagan)

Charter Shares Soar On Comcast/TWC Speculation (Multichannel News)

AT&T wants to beat Google Fiber to the punch in 21 new cities (VentureBeat)

SAP’s New EVP And GM Of Mobile Sees Tech Trends Converging

ICD-10 Delay: What's Next For Healthcare Organizations? (Information Week)