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Netflix Ambiguity Could Bring Investors Pain

But, as has been the case for as long as I have been following and dealing with Netflix, they'll find a way to explain away the gray areas they, themselves, (help) create. Exclusive, yes, they might say, but "exclusive Internet subscription . . . distributor," which makes us different than iTunes because you don't need a subscription for that and different from Showtime because you have to be a cable or satellite subscriber to access their platform outside of previews and a free teaser episode here or there.

Or Variety simply got it wrong.

I'll let you know what they write back with, if anything.

Seeking Reed Hastings

Ultimately, I am hoping to sit down with Reed Hastings to talk Netflix and the broad television/Internet television space. I have been after time with the Netflix CEO for more than two years now. For whatever reason, Netflix appears to have a policy -- formal or informal, I don't know -- that keeps it from engaging its detractors. That's counterintuitive to me.

Anyhow, just so you know I'm shooting straight, here's my latest unanswered correspondence to Hastings (note the sidebar where you see a list of emails I have sent to the CEO):

I apologize if you had to squint to read that.

I just want to be as open and transparent as possible. Just like Hastings was when he admitted NFLX stock has gotten ahead of itself thanks, largely, to momentum. Even the latest swath of insider selling couldn't keep it down.

Anyhow, this is easily the most fascinating story in finance I have ever covered. It's being poorly covered pretty much everywhere despite the reality that Netflix is not the pioneering, well-oiled machine the media likes to make it out to be. All it takes is one ambiguous piece of the puzzle to fall further out of place and, like it did two years ago, Wall Street, again, will be last to catch on to this reality.

-- Written by Rocco Pendola in Santa Monica, Calif.
Rocco Pendola is a columnist and TheStreet's Director of Social Media. Pendola makes frequent appearances on national television networks such as CNN and CNBC as well as TheStreet TV. Whenever possible, Pendola uses hockey, Springsteen or Southern California references in his work. He lives in Santa Monica.
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