BROOMFIELD -
Level 3 Communications (NASDAQ: LVLT) stock was one of the Top 10 most heavily traded stocks mid-day after partner Netflix Inc. announced it was creating a streaming-only subscription.
Broadband fiber company Level 3 said on Nov. 11 that it would be the content delivery network for Netflix, the video entertainment company.
Level 3 stock was trading in the $1.08 range around lunchtime on Monday.
Netflix said it is moving away from its current model of DVDs in the mail by offering the 100 percent streaming option in the United States for the first time. The streaming-only subscription will be $7.99. The base subscription, including movies and TV shows streamed instantly over the Internet and DVDs by mail, will increase by $1 to $9.99.
"We are now primarily a streaming video company delivering a wide selection of TV shows and films over the Internet," Reed Hastings, the company's co-founder and chief executive officer said in a statement on the company's blog.
Storage of the Netflix library of about 20,000 titles is slated to move to Level 3 by the end of the year, the company said. Level 3 also plans to upgrade its content delivery network capacity.
Netflix expects to have 19 million customers in North America by the end of the year.
Broadband fiber company Level 3 said on Nov. 11 that it would be the content delivery network for Netflix, the video entertainment company.
Level 3 stock was trading in the $1.08 range around lunchtime on Monday.
Netflix said it is moving away from its current model of DVDs in the mail by offering the 100 percent streaming option in the United States for the first time. The streaming-only subscription will be $7.99. The base subscription, including movies and TV shows streamed instantly over the Internet and DVDs by mail, will increase by $1 to $9.99.
"We are now primarily a streaming video company delivering a wide selection of TV shows and films over the Internet," Reed Hastings, the company's co-founder and chief executive officer said in a statement on the company's blog.
Storage of the Netflix library of about 20,000 titles is slated to move to Level 3 by the end of the year, the company said. Level 3 also plans to upgrade its content delivery network capacity.
Netflix expects to have 19 million customers in North America by the end of the year.
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