Netflix Ex-CFO Works for Venture Firm Involved in Company's Debt Deal
NEW YORK - Former Netflix CFO Barry McCarthy, who left the company in December, earlier this year joined venture capital firm Technology Crossover Ventures as a venture partner.
TCV is the company that Netflix late Monday announced had agreed to buy $200 million in convertible debt from the streaming video provider.
Barclays Capital analyst Anthony DiClemente pointed out the connection in a research report on Tuesday.
"We believe TCV's unique perspective on Netflix and willingness to finance its long-term growth could be interpreted as a positive," he wrote.
In announcing the addition of McCarthy and a former IAC executive on April 4, TCV highlighted that Netflix was one of its portfolio companies. It highlighted the executives' "deep management and operational experience, along with extensive network."
McCarthy had joined Netflix in 1999 after spending six years at Music Choice. He also used to work for Credit Suisse. His departure came as observers said McCarthy had long considered leaving to take on a new challenge.
TCV, founded in 1995, has $7.7 billion in capital under management.