Shares of streaming giant Netflix fell on Monday following HBO’s announcement that its new standalone video service HBO Now would launch next month on Apple TV for $14.99.
Netflix shares, which opened at $454.93, fell to $441.20 immediately after the announcement. Shares remained down about 3 per cent for the day at $441.76 midday.
Meanwhile, shares of HBO’s parent company Time Warner rose slightly to $85.07, up from its $84 opening. Then it dropped slightly to $85.10, up about 1 per cent for the day.