Post by The Ultimate Nullifier on Jul 19, 2016 11:20:03 GMT -6
www.hollywoodreporter.com/news/house-cards-producer-dana-brunetti-912345
'House of Cards' Producer Dana Brunetti Calls Netflix "Overvalued"
"And I'm also talking about people that I work with, so I got to be careful," Brunetti, who's also the president of Relativity Media, which has been in a legal dispute with Netflix, told CNBC.
House of Cards producer Dana Brunetti revealed to CNBC in an interview posted online Tuesday that he was short on Netflix's stock.
"That space is really going to get crowded," Brunetti said during an interview on CNBC about the media landscape.
The producer of The Social Network and Fifty Shades of Grey pointed to stepped-up competition in the streaming space for Netflix from new rivals like Amazon Prime and Hulu. "In the long run, it's getting a bit overvalued. And I'm also talking about people that I work with, so I got to be careful," he added about Netflix.
Netflix's stock continued to fall Tuesday after the company's second quarter results revealed a major subscriber miss.
Netflix CEO Reed Hastings in an analyst call Monday argued slowing subscriber growth during the latest financial quarter was not due to increased competition, but instead churn, or existing customers quitting over higher prices imposed by Netflix. Shares in Netflix on Tuesday traded down $13.77, or 14 percent, at $85.03 on the NASDAQ Exchange.
Relativity Media's Ryan Kavanaugh earlier this year recruited actor Kevin Spacey and producer Brunetti to run Relativity Studios' film and scripted TV business as it emerged from bankruptcy. Relativity acquired Trigger Street, the production studio that Spacey and Brunetti had run since 1997.
Spacey later bowed out but Brunetti remains as Relativity's president, and the company recently engaged in a legal dispute with Netflix over the terms of the streaming service's deal to distribute its films.
'House of Cards' Producer Dana Brunetti Calls Netflix "Overvalued"
"And I'm also talking about people that I work with, so I got to be careful," Brunetti, who's also the president of Relativity Media, which has been in a legal dispute with Netflix, told CNBC.
House of Cards producer Dana Brunetti revealed to CNBC in an interview posted online Tuesday that he was short on Netflix's stock.
"That space is really going to get crowded," Brunetti said during an interview on CNBC about the media landscape.
The producer of The Social Network and Fifty Shades of Grey pointed to stepped-up competition in the streaming space for Netflix from new rivals like Amazon Prime and Hulu. "In the long run, it's getting a bit overvalued. And I'm also talking about people that I work with, so I got to be careful," he added about Netflix.
Netflix's stock continued to fall Tuesday after the company's second quarter results revealed a major subscriber miss.
Netflix CEO Reed Hastings in an analyst call Monday argued slowing subscriber growth during the latest financial quarter was not due to increased competition, but instead churn, or existing customers quitting over higher prices imposed by Netflix. Shares in Netflix on Tuesday traded down $13.77, or 14 percent, at $85.03 on the NASDAQ Exchange.
Relativity Media's Ryan Kavanaugh earlier this year recruited actor Kevin Spacey and producer Brunetti to run Relativity Studios' film and scripted TV business as it emerged from bankruptcy. Relativity acquired Trigger Street, the production studio that Spacey and Brunetti had run since 1997.
Spacey later bowed out but Brunetti remains as Relativity's president, and the company recently engaged in a legal dispute with Netflix over the terms of the streaming service's deal to distribute its films.