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Netflix Chief Content Officer Ted Sarandos. Photo: Charley Gallay/Getty Images for Netflix
Netflix has named head of content Ted Sarandos as co-CEO of the company, alongside chief executive Reed Hastings, it said Thursday when it released its quarterly earnings.
Why it matters: Co-CEO arrangements often prove unsustainable as long-term plans for running companies. It's likely this is a step toward Sarandos eventually heading the company on his own.