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Netflix Gets Rocked When Stars Walked Away!

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Published on Sep 6, 2011

Netflix's streaming content catalog is about to take a big hit: Starz said late Thursday that it has ended contract renewal negotiations and will pull its movies and TV shows from Netflix early next year.

The move effectively kills an arrangement that Netflix (NFLX) earlier this year called "one of our most important deals" -- because it was was one of the few that gave Netflix streaming access to relatively recent films.

Netflix stock fell almost 9%, to $212.39 per share, in early trading Friday morning following Starz' announcement.

Netflix tried to downplay the effect the cancelled contract will have on its streaming catalog.

"Starz content is now down to about 8% of domestic Netflix subscribers' viewing," the company said in a written statement. "We are confident we can take the money we had earmarked for Starz renewal next year, and spend it with other content providers to maintain or even improve the Netflix experience.

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