iWorld
Spencer Neumann appointed Netflix CFO
MUMBAI: Spencer Neumann will be joining Netflix as chief financial officer, the company has confirmed. Before this, Neumann was CFO of Activision Blizzard and is also equipped with experiences from senior positions at The Walt Disney Company.
Neumann will succeed David Wells who served as CFO since 2010.
On Neumann’s appointment, Netflix CEO Reed Hastings said, “Spencer is a stellar entertainment executive and we’re thrilled that he will help us provide amazing stories to people all over the world.” For the departing David Wells, he said, “I also want to again say thank you to David Wells, on behalf of the company and our shareholders, for his invaluable contributions at Netflix over the past 14 years.”
Neumann, describing his excitement said, “Netflix is a singular brand, and I’m excited and honoured for the opportunity to work with the Netflix team and all of our stakeholders to build on the company’s exceptional track record of success and innovation.”
With increasing responsibilities at The Walt Disney Company, Neumann has also served in a number of positions for the company. He was the CFO and executive vice president of Global Guest Experience of Walt Disney Parks and Resorts, from 2012 until May 2017.
iWorld
Jio IPO faces delay as India yet to clear listing rule changes
Proposed rule change allows mega IPOs to float just 2.5 per cent
MUMBAI: The Indian government’s delay in formalising changes to listing rules may derail the targeted timeline for the initial public offering (IPO) of Jio Platforms, the digital arm of Reliance Industries controlled by billionaire Mukesh Ambani.
According to media reports, Reliance is awaiting formal notification of regulatory amendments before appointing investment bankers and filing a draft IPO prospectus. The company is now aiming to submit the draft prospectus before April, depending on when the government issues the notification.
Jio, which owns India’s largest wireless operator, is widely seen as one of the crown jewels of Ambani’s business empire. Its listing, the first public offering of a major Reliance unit in nearly two decades, could become the country’s biggest ever IPO.
Investment bankers have proposed a valuation of as much as $170 billion for the company. Even the minimum stake sale could raise roughly $4.3 billion, potentially placing Jio among India’s most valuable listed companies.
Ambani had earlier said that Reliance was targeting a listing of Jio in the first half of 2026, a plan first outlined in 2019 with a five-year timeline. In 2020, global technology groups Meta Platforms and Alphabet invested more than $10 billion combined in the company.
The delay stems from pending regulatory changes approved by the Securities and Exchange Board of India in September. The amendments allow companies with a post-issue market capitalisation exceeding Rs 5 trillion (about $55 billion) to float as little as 2.5 per cent of equity in an IPO, compared with the current 5 per cent minimum.
Such changes are expected to enable mega listings, including potential offerings by Jio and the National Stock Exchange of India. However, the reforms still require formal notification from the government.
Meanwhile, the National Stock Exchange is moving ahead with plans to raise as much as $2.5 billion through its own IPO and has recently invited banks to pitch for roles in the offering.
