Netflix, Inc. (NASDAQ:NFLX), Walt Disney Company (The) (NYSE:DIS) – Netflix Stands Against Russia – Won’t Adhere to Public Channel Regulations Due to Ukraine Invasion
Streaming giant Netflix Inc. (NASDAQ: NFLX) said it has no plans to add public TV channels to its Russian service, although it is required to do so starting this week under Russian law, reports Reuters on Monday.
What happened“Given the current situation, we have no plans to add these channels to our service,” a Netflix spokesperson was quoted by Reuters as saying, referring to the ongoing invasion of the Ukraine by Russia.
The rule, which would have applied to Netflix from March 1, requires media platforms with more than 100,000 subscribers in Russia to broadcast 20 free-to-air news, sports and entertainment channels. The number of Netflix subscribers in Russia was not immediately clear.
See also: How to buy Netflix (NFLX) stock
Why is this important: The move by Netflix, which launched its Russian service in October 2020, comes less than a week after Russia launched a full-scale military invasion of Ukraine.
Walt Disney Co. (NYSE: DIS) on Monday announced the withdrawal of its films from theatrical release in Russia in response to the invasion of Ukraine, becoming the first Hollywood studio to boycott Russia.
price action: Shares of Netflix closed nearly 1% higher in Monday’s regular trading session at $394.52 and added 0.1% in the after-hours session at $394.99.
Read next: Bill Ackman wants Biden to do more in fight against Russia; Says it’s time to show ‘what America stands for’
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