Netflix seeks to raise share authorization in step to stock split
By Reuters
Apr 11, 2015 12:53 AM EDT
Regions
PARIS, FRANCE - SEPTEMBER 19: In this photo illustration the Netflix logo is seen on September 19, 2014 in Paris, France. Netflix September 15 launched service in France, the first of six European countries planned in the coming months. (Photo : Pascal Le Segretain/Getty Images)
Netflix Inc is seeking to increase its share authorization by nearly 30 times, the video streaming service said in a filing with regulators.
The company is seeking shareholder approval to increase the number of shares authorized to 5 billion from the current 170 million, a regulatory filing showed.
The move by Los Gatos, California-based Netflix, whose stock has traded at above $300 for a year-and-a-half, indicates a first step toward a possible stock split.
Netflix, whose shares closed at $454.57 on Friday on the Nasdaq, was not immediately available for comment.
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