That plan was announced after the firm rose prices for web streaming and DVD access, saying the two divisions would be treated separately.
Last month Netflix said it would use a new company called Qwikster to handle the DVD business.
"There is a difference between moving quickly – which Netflix has done very well for years – and moving too fast, which is what we did in this case," said chief executive Reed Hastings, who is facing a barrage of criticism.
'Consumers value the simplicity Netflix has always offered and we respect that."
Netflix shares fell after the announcement, and are down 62% over the past three months.
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