Netflix Inc.’s transformation from a Silicon Valley upstart to a Hollywood studio is complete.
The streaming giant on Thursday named Ted Sarandos, the longtime head of its Hollywood operations, to be co-chief executive officer, alongside co-founder and current CEO Reed Hastings. Sarandos has worked at Netflix for two decades, rising from the head of a small content team to become the second-most-powerful executive at the company. He’ll also join the board of directors.
The promotion of Sarandos, 55, is in many ways a formality. Hastings has referred to Sarandos as his partner in running the company for the past couple of years, and defers to him on most matters related to film and TV production. Sarandos doesn’t need Hastings’s approval to order a Martin Scorsese movie or greenlight a new TV show from Ava DuVernay.