Malone: ‘I tried to buy Netflix’

John Malone

Liberty Media chairman John Malone has revealed that he attempted to buy Netflix in its early days.

Speaking to CNBC, the billionaire investor said that he tried to have DirecTV purchase Netflix during his tenure as chairman between 2008-2010.

In comments to the news network, Malone said: “I tried to buy Netflix from Reed Hastings when the stock was eight bucks, but he wouldn’t sell it to me. You know, damn that bad luck.”

By contrast, Netflix’s stocks hit an all-time-high of over US$700 last week.

Malone was not alone in his interest in acquiring Netflix during the early days of streaming video. HBO considered acquiring the company before it even launched a streaming product, but this deal ultimately did not manifest as HBO did not want to disrupt its partnerships with cable providers. 

Malone however did not begrudge Hastings for not taking up DirecTV’s offer though, telling CNBC: ​​“These are brilliant businessmen who have seized an opportunity, seen the power of global scale, and have exploited it.”