Streaming giant Netflix Inc. NFLX said it has no plans to add state-run television channels to its Russian service despite being required to do so from this week under Russian law, Reuters reported on Monday.
What Happened: “Given the current situation, we have no plans to add these channels to our service,” a Netflix spokesman was quoted as saying by Reuters, referring to Russia's ongoing invasion of Ukraine.
The rule, which would have applied to Netflix from March 1, requires media platforms having more than 100,000 subscribers in Russia to distribute 20 free-to-air news, sports and entertainment channels. It was not immediately clear how many subscribers Netflix has in Russia.
See Also: How To Buy Netflix (NFLX) Stock
Why It Matters: The move by Netflix, which launched its Russian service in October 2020, comes less than a week after Russia launched a full-scale military invasion of Ukraine.
Walt Disney Co. DIS on Monday announced the removal of its films from theatrical release in Russia in response to the invasion of Ukraine, becoming the first Hollywood studio to boycott Russia.
Price Action: Netflix shares closed almost 1% higher in Monday’s regular trading session at $394.52 and added 0.1% in the after-hours session to $394.99.
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