Netflix Inc. lost its appeal to a court decision that the company stops poaching fixed-term staff from Fox Corp., Bloomberg reports, citing a California appellate court.
Fox’s agreements provided “stability and predictability” for employees, Justice Dorothy C. Kim said.
She also rejected Netflix’s argument that Fox pressed employees into extending their contracts, thereby holding them under contract longer than the legally allowed limit under California law.
The poached employees in question were “sophisticated business executives who negotiated their fixed-term employment agreements with Fox at arm’s length,” Kim wrote.
Fox prosecuted Netflix in 2016, claiming the streaming service attracted certain Fox executives to depart the company and a state trial court ordered an injunction.
Price Action
Netflix shares closed lower by 2.33 percent at $602.13 on Friday.By Anusuya Lahiri
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