Netflix Shareholders Pave Way for Stock Split

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Netflix CEO Reed Hastings

Former Disney executive Anne Sweeney is elected to the board of directors.

Netflix shareholders on Tuesday approved a big increase in the number of shares the company can issue, paving the way for a stock split.

The vote came at the company's annual shareholder meeting after the closing bell, but investors seemingly predicted the move, as the stock rose more than 3 percent on heavier than normal volume.

Netflix shares on Tuesday closed at $647.15 apiece, well beyond the price where companies typically think about splitting their stock.

Also at the meeting, investors elected three new board members, including Anne Sweeney, the former president of the Disney-ABC Television Group and former co-chair of Disney Media.

Also elected were Microsoft general counsel Brad Smith and Zillow Group executive chairman Richard Barton.