Netflix CEO Reed Hastings joins Facebook's Board of Directors

News that Netflix's CEO Reed Hastings is joining the Board of Directors for Facebook should make for an interesting note in the next movie, but beyond that it's unclear what it means for either company. Hastings successfully navigated Netflix through the process of going public which many assume will be a next step for the social media giant, so his experience could come in handy, and also serves on the board of Microsoft, which owns a stake in Facebook. That goes without mentioning plans by Netflix to make another run at integrating social features into its movie service after the original implementation fell apart and Warner Bros. recently offering video on-demand through Facebook. Other than facing a lawsuit from Paul Allen, Netflix and Facebook share an intense public backlash whenever either one changes their homepage, but we're not sure how he could help there -- have you seen the redesigned

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Facebook Names Reed Hastings to Its Board of Directors

PALO ALTO, Calif. – June 23 – Facebook® announced today that Reed Hastings, chairman and chief executive officer of Netflix Inc., has joined the company's board of directors.

"Reed is an entrepreneur and technologist who has led Netflix to transform the way people watch movies and TV," said Mark Zuckerberg, founder and CEO of Facebook. "He has built a culture of continuous rapid innovation, something we share and work hard to build every day."

"Facebook is propelling a fundamental change in how people connect with each other and share all kinds of content," said Hastings. "I'm looking forward to working with Mark and the rest of the board to help Facebook take advantage of all the opportunities ahead."

With more than 23 million members in the U.S. and Canada, Netflix is the world's leading Internet subscription service for enjoying movies and TV shows. Hastings founded the company in 1997. Earlier in his career, he founded Pure Atria Software, where he was CEO until the company was acquired by Rational Software Corporation in 1997.

Since 2007, Hastings has also been a member of Microsoft Corp.'s board of directors, and is currently lead independent director. He holds an M.S.C.S. degree from Stanford University and a B.A. from Bowdoin College.

Hastings is also an active educational philanthropist and board member of many non-profits. He was president of the California State Board of Education from 2000 to 2004.

In addition to Zuckerberg, Hastings joins current Facebook board members Marc Andreessen of Andreessen Horowitz; Jim Breyer of Accel Partners; Donald E. Graham, chairman and CEO of The Washington Post Company; and Peter Thiel of Clarium Capital and Founders Fund.

About Facebook Founded in February 2004, Facebook's mission is to give people the power to share and make the world more open and connected. Anyone can sign up for Facebook and interact with the people they know in a trusted environment. Facebook is a privately held company and is headquartered in Palo Alto, Calif.

Facebook® is a registered trademark of Facebook Inc. Other names may be trademarks of their respective owners.