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May 19, 2005
Netflix defeats Wal-Mart!
This just in: Netflix will be taking over Wal-Mart's online DVD rental business:
"Under the agreement announced Thursday, Wal-Mart will offer its existing online DVD rental customers the chance to continue their subscriptions with Los Gatos-based Netflix at their current price for the next year. Wal-Mart also will begin promoting the Netflix service on its Web site. In return, Netflix's Web site will remind its subscribers that they can buy DVDs from Walmart.com."
Wall Street loves the news -- Netflix's shares are already up 28% in pre-market trading. Someone taking on Wal-Mart and winning? That's impressive. Next up for Netflix: the destruction of Blockbuster's DVD rental business.
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