For the first time in two years, Netflix is raising its prices on its mid-range and top-tier subscription plans.
Investors liked the move, sending the company’s shares soaring by nearly 5.5% on Thursday.
Netflix’s standard plan, which allows streaming on two devices at the same time in addition to HD availability, went up to $10.99 per month, from $9.99.
At the same time, Netflix’s premium plan, which includes Ultra HD access and access to four screens simultaneously, is now $13.99 per month, up from $11.99.
Netflix’s basic plan retains its monthly fee of $7.99.
At the Closing Bell, shares of NFLX were up $9.94 to $194.39.
In other Wall Street activity for media companies, at the Closing Bell:
- Cumulus Media was up 6.1% in mid-afternoon trading, improving to 35 cents.
- Beasley Broadcast Group shares were up 4%, to $11.75.
- The “stub” of iHeartMedia stock that is publicly traded dipped 10%, to $1.35, on the OTC Pink exchange.
- Pandora continues to see shakiness, declining 1.1%, to $7.86.
For a live look at media stock values throughout each trading day and today’s Closing Bell prices, please visit RBR.com’s Wall Street Report, on the homepage of Radio’s Best Read and TV’s Best Read: RBR.