First the Office...now this.
In the latest blow to Netflix shares, WSJ reports that WarnerMedia is pulling 'Friends' from Netflix next Spring when it launches its new "HBO Max" streaming service, which will compete against an already crowded field of streaming rivals.
WarnerMedia, which was recently acquired by AT&T, unveiled its plans for the new streaming service, which is one of the incipient 'Netflix Killers' that will soon come to market, along with offerings from Apple, Disney and NBCUniversal.
Unsurprisingly, Netflix shares slumped on the news, as 'Friends' is one of the most widely watched shows on Netflix.
As we've explained in the past, despite its push into original content, Netflix is still mostly dependent on licensed content to hold viewers' interest. The news follows reports from earlier this month that NBC is pulling 'the Office' - the most popular show on Netflix's platform - next year when it launches its own streaming service.