Netflix is moving to protect itself against hostile takeovers after Carl Icahn announced a 10% stake in the company.
The company adopted a shareholder rights plan.
Under the plan, rights are exercisable if a person or group acquires 10 percent of Netflix, or 20 percent in the case of institutional investors, in a deal not approved by the board.
Netflix Inc. says its plan isn't intended to interfere with a transaction that's approved by its board.
Read more at OregonLive.com.