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Reed Hastings. Photo: Neilson Barnard/Getty Images for New York Times

Netflix CEO Reed Hastings gave a full-throated defense of the company’s decision to remove an episode of the show "Patriot Act With Hasan Minhaj" from its platform in Saudi Arabia after a complaint from the Saudi government about Minhaj's criticisms of Crown Prince Mohammed bin Salman.

"We're not in the news business. We're not trying to do 'truth to power.' We're trying to entertain."
— Hastings at the New York Times Dealbook conference

Why it matters: It’s another example of corporations attempting to walk the fine line of upholding values like free speech while also trying not to offend foreign governments that could put business at risk.

  • Most recently, the NBA apologized to Chinese fans for a tweet by Houston Rockets' general manager Daryl Morey that expressed support for the pro-democracy protests in Hong Kong.
  • Back in 2017, Snap removed Al Jazeera from its "Discover" news platform in Saudi Arabia after the government said the news organization "violated its media and cybercrime laws," per NBC News.

Of note: Earlier this year, Netflix told the New York Times: "We strongly support artistic freedom worldwide and only removed this episode in Saudi Arabia after we had received a valid legal request — and to comply with local law.”

The bottom line: Speaking at Web Summit in Lisbon, Edelman CEO Richard Edelman said that companies need to be global but locally minded and understand what rules exist in certain places to operate.

  • Yes, but: As companies depend more on international markets for growth, that might sometimes come at the expense of values that the same companies have touted in the U.S.

Go deeper: China's vise grip on corporate America

Go deeper

Senate confirms retired Gen. Lloyd Austin as defense secretary

Photo: Greg Nash-Pool/Getty Images

The Senate voted 93-2 on Friday to confirm retired Gen. Lloyd Austin as secretary of defense. Sens. Mike Lee (R-Utah) and Josh Hawley (R-Mo.) were the sole "no" votes.

Why it matters: Austin is the first Black American to lead the Pentagon and President Biden's second Cabinet nominee to be confirmed.

House will transmit article of impeachment to Senate on Monday, Schumer says

Photo: Drew Angerer/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) announced that the House will deliver the article of impeachment against former President Trump for "incitement of insurrection" on Monday.

Why it matters: The Senate is required to begin the impeachment trial at 1pm the day after the article is transmitted.

Dan Primack, author of Pro Rata
2 hours ago - Politics & Policy

Private equity bets on delayed tax reform in Biden administration

Illustration: Brendan Lynch/Axios

In normal times, private equity would be nervous about Democratic Party control of both the White House and Congress. But in pandemic-consumed 2021, the industry seems sanguine.

Driving the news: Industry executives and lobbyists paid very close attention to Treasury Secretary nominee Janet Yellen's confirmation hearings this week, and came away convinced that tax reform isn't on the near-term agenda.