Netflix co-founder Reed Hastings exits

Hastings, who led Netflix from its origins as a DVD-by-mail service to its current status as a global media powerhouse, will exit after 29 years with the company.

His departure marks the end of an era and comes at a pivotal moment as Netflix navigates a failed merger attempt with Warner Bros.

Discovery.

Investors reacted warily to the announcement, with shares falling 10% in premarket trading amid concerns over future growth drivers.

While the company continues to dominate the streaming market, it faces increasing pressure to innovate in areas like gaming and live sports to maintain its competitive edge.