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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Netflix shares soar on Blockbuster bankruptcy reports AFP - Thursday, September 23 Send IM Story Print Netflix shares soar on Blockbuster bankruptcy reports Slideshow: Full Photo Coverage: Internet Portals & Search Engines NEW YORK (AFP) - – Shares in US video rental company Netflix soared on Wall Street on Wednesday on reports that rival Blockbuster was on the brink of declaring bankruptcy. Netflix shares gained 6.61 percent to close at 156.93 dollars. Blockbuster shares have been delisted and are nearly worthless. Netflix, which streams movies to subscribers over the Internet or delivers DVDs by mail, has flourished -- expanding to Canada on Wednesday, its first venture outside the United States -- as Blockbuster has struggled. The Wall Street Journal reported Wednesday that Blockbuster's long-awaited bankruptcy filing was imminent. Blockbuster, whose debt totals more than 900 million dollars, could file for bankruptcy protection in the next few days, the newspaper said. Under the bankruptcy plan, Blockbuster would drastically reduce its number of brick-and-mortar stores and focus more on digital distribution -- the strategy aggressively and successfully pursued by Netflix. Blockbuster has already unveiled plans to close nearly 1,000 stores and between 500 and 800 additional stores would close under Blockbuster's current bankruptcy plan, the Journal said. Netflix, which claims more than 15 million members, introduced a service in Canada on Wednesday that allows subscribers to watch unlimited movies and TV episodes streamed from Netflix to TVs and computers for 7.99 dollars a month. "Convenience, selection and value are at the heart of the Netflix service, and it is our hope that this resonates with Canadians," Netflix co-founder and chief executive Reed Hastings said in a statement. Recommend Send IM Story Print Related Articles US-TECH Summary Reuters - Thursday, September 23 Facebook working on creating two smartphone devices: report Reuters - Thursday, September 23 Networking glitch stymies some Facebook users AFP - Thursday, September 23 Facebook out to make mobile phones more social AFP - Thursday, September 23 Newspaper publishers want control over iPad subscriptions AFP - Thursday, September 23 News Search Top Stories Facebook boss to make $100 mln school gift: report UN puts the bat in the global spotlight Obama vows 'big hearted, hard headed' overseas aid plan Christoph Franz named new Lufthansa chief Romania sticks to austerity plan, could delay eurozone entry: Basescu More Top Stories » Related Full Coverage Internet Portals & Search EnginesLatest development in the online world All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended 'Extinct' frogs haven't croaked -- scientists Gold hits new record above $1,290 Atom smasher scientists spot potential new discovery: CERN Siemens to book huge charge on healthcare unit Anti-Islam rant sees far-right fly high across Europe More Most Viewed » Climate: New study slashes estimate of icecap loss US pastor puts Koran-burning on hold 'Time bomb' superbug requires global response: doctor Japanese rider Tomizawa dies in San Marino Moto2 GP Vitamin B 'could delay Alzheimer's onset' More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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