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Netflix Looks to Hire Neumann As Its CFO


Dec. 4 2020, Updated 10:53 a.m. ET

Netflix to hire Activision’s CFO Spencer Neumann

Netflix (NFLX) is reportedly seeking to hire Spencer Neumann, Activision Blizzard’s (ATVI) CFO, as its new CFO. Netflix might announce Neumann’s hiring in the next few days.

According to an SEC filing, Activision Blizzard is expected to fire Spencer Neumann for an unspecified reason, as disclosed on December 31. In a separate report, Netflix revealed that the company might hire Neumann as its CFO. Newmann would start as the new CFO in early 2019. Previously, Neumann held finance roles at Walt Disney (DIS).

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Netflix’s management changes

Netflix has been on a hiring spree for the past few months. Last month, Netflix announced that it intends to hire Channing Dungey as the vice president of original content. Earlier in 2018, Netflix hired production executive Tendo Nagenda for a senior role in its film division. The company has also made deals with producers including Shonda Rhimes, Jenji Kohan, Kenya Barris, Steven DeKnight, and Marti Noxon.

Netflix is focusing on films and shows

Netflix has been investing aggressively in original content and premium programming, including original movies and TV shows, to grow its subscriber base. In the third quarter, Netflix’s global subscriber base reached 137.1 million. The subscriber base is expected to reach 146.5 million at the end of the fourth quarter.

Netflix’s spent ~$6.0 billion on original content in 2017, while Amazon (AMZN) and Hulu spent $4.5 billion and $2.5 billion on original and acquired content in 2017, according to data from Moffett Nathanson. Apple and Facebook (FB) spent ~$1 billion last year to acquire new content.


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