Three months after revealing that he’s stepping back from his day-to-day co-CEO role at Netflix to become executive chairman at the streaming giant, Reed Hastings is investing more in leisure. Specifically, he bought a stake in a ski resort.
The mogul purchased an ownership stake in Utah’s Powder Mountain, an 8,464-acre property with 154 ski trails, the resort said on Monday, describing the exec and his wife as “avid” snowboarders. Hastings acquired the stake from Elliott Bisnow and fellow Summit Series co-founders. Terms of the deal weren’t disclosed.
Hastings stated that his wife “Patty and I love this mountain community and want to see it flourish. We’re looking forward to being a part of Powder Mountain’s future and to help safeguard what makes this place special. Also, we look forward to funding some lift upgrades, restaurants, and enhanced parking!” The Netflix exec will also get a seat on the five-member board of the resort.
The majority owner of the ski resort remains financier Greg Mauro, founder of Learn Capital, who bought Powder Mountain in 2013 in what was announced at the time as a $40 million deal. The ski resort sits about an hour outside of the state’s capital, Salt Lake City.
Hastings’ received a $34.65 million pay package from Netflix in 2022, the company disclosed in a securities filing in December. Early this year, he announced that he was transitioning from his role as co-CEO alongside Ted Sarandos to become executive chairman and elevated COO Greg Peters to be the new co-CEO. Following the move, Hastings’ salary for 2023 was changed by the company to $500,000 with a $2.5 million stock option.
“I’ll be helping Greg and Ted, and, like any good Chairman, be a bridge from the board to our co-CEOs,” Hastings wrote in a Jan. 19 statement. “I’ll also be spending more time on philanthropy, and remain very focused on Netflix stock doing well.”
The exec’s deal for a Powder Mountain stake was unveiled a day before Netflix discloses its first-quarter earnings after market close. Following a dramatic dive in 2022, the streaming giant’s stock is up 12 percent year-to-date to $332.72 a share as of April 17.
April 17, 9 pm PST Updated to reflect that Hastings’ salary for 2023 was modified in January after he moved to the executive chairman role at Netflix.