Netflix stock is in “freefall” amid substantial financial headwinds just a few days after a nature documentary hosted by former President Barack Obama was released.
As reported by the , Neflix released all five episodes of “Our Great National Parks” on April 13 after they were produced and narrated by Obama.
“While culture critics in the liberal media received the series warmly—even as one , ‘I can’t say that I learned a tremendous amount’—investors were less convinced,” the outlet reported, adding:
In a stunning show of pessimism in the company’s situation, Netflix’s stock imploded on Tuesday, plunging 37 percent by Wednesday morning. The collapse was driven by Netflix’s Tuesday announcement that it lost subscribers last quarter for the first time in more than a decade. The service is scrambling to remedy its poor subscriber numbers, announcing last month that it plans to start charging customers for sharing their accounts with others.
The company’s decline is a reflection of the failure of its costly partnership with the former president. Netflix in 2018 entered into a multi-year agreement with Obama and his wife Michelle to produce films and series. It’s unclear exactly how much cash the company burned to hire the Obamas, but considering that Netflix paid the creator of Glee $300 million for a five-year deal, the amount was likely exorbitant.
Via that deal, the outlet continued, the Obamas brought a documentary to Netflix called “American Factory” which was about an automobile factory in Ohio that was bought out by a China-backed company.
The film purported to show a clash of cultures as well as the struggles of the American working class, but instead, it became “a platform for Communist oligarchs to propagandize,” The WFB noted.
“If Communist propaganda wasn’t unpalatable enough for viewers, the Obamas are reportedly working to bring to Netflix a kids show called Listen to Your Vegetables & Eat Your Parents, a revival of Michelle Obama’s failed crusade to get kids to eat healthier,” the outlet noted further.
News of Netflix’s financial troubles comes on the heels of a that billionaire Tesla and SpaceX founder Elon Musk’s offer to buy Twitter for around $43 billion is likely to be finalized sometime on Monday.