Netflix CEO Reed Hastings Joins Facebook's Board

Reed Hastings also sits on Microsoft's board

Reed Hastings, chairman and CEO of Netflix, will soon be sitting with Mark Zuckerberg on Facebook's board, the company announced in a press release Thursday. "Reed is an entrepreneur and technologist who has led Netflix to transform the way people watch movies and TV," said Zuckerberg in the release. "He has built a culture of continuous rapid innovation, something we share and work hard to build every day."

Hastings, who is also on Microsoft's board of directors, joins Netscape do-founder Marc Andreesen, Washignton Post chairman and CEO Don Graham and venture capitalists Jim Breyer and Peter Thiel on Facebook's board. As Business Insider's Jay Yarow points out at Business Insider, "Hastings successfully managed Netflix through the IPO process, so his guidance for Facebook which is about to go through an IPO will be useful."

It's been a gossip-heavy few days for streaming services. This latest news resonates amidst rumors that Hulu, a top Netflix competitor, is looking for a buyer. According to anonymous sources, a number of media outlets report that a large tech company, possibly Yahoo!, approached Hulu with an offer to buy. Not necessarily ready to sell, Hulu reported consulted with Morgan Stanley and Guggenheim partners. Though it's still unclear whether or not the rumors are true, the Facebook-Netflix friendship will provide blogger fodder for at least another day of social media and streaming service speculation.