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Netflix boss joins Facebook board

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Reed Hastings, the chairman and chief executive of US video streaming service Netflix, has joined the board of directors of social networking giant Facebook.

Hastings brings significant digital entertainment experience to Facebook, having guided Netflix to 23 million members in the US and Canada since founding the company in 1997. He has been a member of Microsoft's board since 2007, most recently acting as lead independent director.

"Reed is an entrepreneur and technologist who has led Netflix to transform the way people watch movies and TV," said Mark Zuckerberg, the founder and chief executive of Facebook.

"He has built a culture of continuous rapid innovation, something we share and work hard to build every day."

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

In addition to Zuckerberg and Hastings, the Facebook board also includes Marc Andreessen of Andreessen Horowitz; Jim Breyer of Accel Partners; Donald E. Graham, the chairman and chief executive of The Washington Post Company; and Peter Thiel of Clarium Capital and Founders Fund.

Facebook is a privately held company headquartered in Palo Alto, California, but speculation emerged this month that the company is preparing to float on the stock market next year, potentially valuing it at more than $100 billion.

Yesterday, the Winklevoss twins ended their long-running legal dispute over a claim that Zuckerberg stole their idea for Facebook.

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