Facebook Adds Netflix CEO Reed Hastings to Board of Directors

NEW YORK - Netflix chairman and CEO Reed Hastings has joined that board of directors of Facebook, the social network said Thursday.

"Reed is an entrepreneur and technologist who has led Netflix to transform the way people watch movies and TV," said Facebook CEO Mark Zuckerberg. "He has built a culture of continuous rapid innovation, something we share and work hard to build every day."

Said Hastings: "Facebook is propelling a fundamental change in how people connect with each other and share all kinds of content." He added that he was "looking forward to working with Mark and the rest of the board to help Facebook take advantage of all the opportunities ahead."

Some observers have suggested that Facebook could become a competitor for Netflix's streaming service over time by adding content offers, such as digital movie rentals and purchases under a deal with Warner Bros. But Netflix has previously also said that the company is working on an intregation with Facebook.

Other Facebook board members are tech veteran Marc Andreessen of Andreessen Horowitz, Jim Breyer of venture capital firm Accel Partners, Donald Graham, chairman and CEO of The Washington Post Co. and Peter Thiel of Clarium Capital and Founders Fund.

Since 2007, Hastings has also been a member of Microsoft's board.

Email: Georg.Szalai@thr.com

Twitter: @georgszalai