SORRY ABOUT THAT: Netflix CEO Reed Hastings apologized for mishandling the video subscription service’s recent decision to raise its prices by as much as 60 percent. Although prices aren’t being rolled back, Hastings says he should have done a better job explain why customers were being asked to pay more.
NEW UPROAR: The apology quickly got lost in a new backlash over Hastings’ decision to split Netflix’s DVD rental business from its Internet video service. The DVD service is being renamed “Qwikster.”
THE TAKEWAY: Netflix is preparing for the death of DVDs as it tries to expand its streaming library.