Netflix Stock Up on Verizon Takeover Rumors

12 Dec, 2011 By: Chris Tribbey

---

Shares of Netflix shot up more than 6% Dec. 12 to more than $75 on rumor that wireless giant Verizon Communications may acquire the company.

The rumor surfaced following a DealReporter story saying Verizon would acquire Netflix in order to get into the streaming business.

The report comes a week after news that Verizon was getting ready to launch a subscription video-on-demand service that would target 85 million households without access to its fiber-optic FiOS TV platform.

It also comes a week after a report that Verizon and Redbox are planning a partnership that would see video content available for both streaming and downloading by May 2012.
 

Bookmark it: