Netflix's Tough Week: Disney Poaches Top Executive, 'The Office' Moving To NBC

Shares of Netflix, Inc. (NASDAQ: NFLX) ticked slightly higher Wednesday despite two concerning headlines over the last 24 hours.

What Happened

Netflix lost a top executive to Walt Disney Co (NYSE: DIS), CNBC reported. Matt Brodlie, Netflix's director of original film, will join Disney's streaming business as senior vice president of international content development.

Brodlie oversaw original Netflix films like "Ibiza" and acquired other films for the streaming business, including "Roma." His responsibilities at Disney will include evaluating what content should be produced or bought for consumers outside of the U.S.

Disney+ content and marketing head Ricky Strauss said in a press release Brodlie is a "proven executive with the right creative instincts and experience" to build Disney+ a platform where "talent can create original, high-quality content for audiences worldwide."

Farewell To 'The Office'

Separately, Netflix's most-watched show in 2018, "The Office," will be pulled from its platform in 2021. NBCUniversal said Tuesday it will stream all nine seasons on its soon-to-be launched streaming service as part of a five-year agreement.

"‘The Office' has become a staple of pop-culture and is a rare gem whose relevance continues to grow at a time when fans have more entertainment choices than ever before," said Bonnie Hammer, Chairman of NBCUniversal Direct-to-Consumer and Digital Enterprises. "We can't wait to welcome the gang from Dunder Mifflin to NBCUniversal's new streaming service."

Netflix closed Tuesday at $360.30 per share and was marginally higher Wednesday morning.

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