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LONDON, UK / ACCESSWIRE / September 19, 2016 / Active Wall St. blog coverage looks at the headline from Twenty-First Century Fox, Inc. (NASDAQ: FOX) (NASDAQ: FOXA). In the recent turn of events, Twenty-First Century Fox, a television production studio, drew the event of employee transfers into court on September 16, 2016, against the online television and film producer and subscription service provider, Netflix, Inc. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
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Netflix recruited employees from the television production house, Twenty-First Century Fox, on September 8, 2016 and got slammed with a lawsuit by Fox which is pressing charges for 'illegal' poaching of employees according to the official release of the document. It was filed in context to the clauses stated in the employee term contracts with Fox21. The lawsuit filed, in the state court in Los Angeles, demands an external injunction into the issue ordering Netflix, not to interfere with Fox's employment contracts.
The employee rift
The two executives, in context are Tara Flynn and Marcos Waltenberg, who reportedly, took an exit route from the firm before the end of their contracts. According to the report published in Wall Street Journal, Tara Flynn worked as a drama programming development executive for the TV production unit of Fox21, where she served as the vice president of creative affairs. Ms. Flynn was a long serving employee of Fox21 and she started her gig as assistant to Bert Salke, president of Fox 21. Marcos Waltenberg, on the other hand, was the vice president of the promotion committee before his recent move to the internet based service, Netflix.
"As our complaint explains, we filed this lawsuit because we believe Netflix is defiantly flouting the law by soliciting and inducing employees to break their contracts," stated a spokesperson for the Fox21 to the Deadline Friday. He added, "We intend to seek all available remedies to enforce our rights and hold Netflix accountable for its wrongful behavior."
Netflix versus the Hollywood
Netflix, the home to hits such as "House of Cards" and "Orange is the New Black", has turned out to be latest one-stop-shop for varied entertainment content. Owing to the minimised costs, and commercial-free programming, it has continued to draw subscribers midst the overhaul regarding copyrights. Seemingly, Netflix's ascent as an entertainment pit-stop has created ripples of tensions within the Hollywood community.
Employees, across different production houses are attracted by the dominating presence of Netflix in the entertainment sector. In another unconfirmed report, almost 19 Fox employees without any fixed term contract drew their resume from the Fox 21 to join Netflix in the past 2 years.
Netflix, responded spontaneously regarding the upturn of events to the Deadline Friday and its spokesperson, Anne Marie Squeo, claimed: "We intend to defend this lawsuit vigorously. We do not believe Fox's use of fixed term employment contracts in this manner are enforceable. We believe in employee mobility and will fight for the right to hire great colleagues no matter where they work."
Stock Performance
At the close of trading session on September 19, 2016, Twenty-First Century Fox's stock price slightly declined 0.16% to end the day at $24.28. A total volume of 13.34 million shares were exchanged during the session, which was above the 3-month average volume of 3.21 million shares. The company's shares are trading a PE ratio of 17.15 and have a dividend yield of 1.48%.
Twenty-First Century Fox's stock (Class A Common Stock) is trading marginally up by 0.25%, closing last Friday's session at $23.90 on volume of 27.4 million shares. The stock is trading at a PE ratio of 16.82 and has a dividend yield of 1.51%.
Netflix's stock price jumped 2.20% to end the day at $99.48. A total volume of 9.44 million shares were exchanged during the session. The company's share price has gained 3.23% in the past one month and 5.33% in the last six months.
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