April 10, 2015 / 11:30 PM / in 2 years

Netflix seeks to raise share authorization in step to stock split

The Netflix logo is shown in this illustration photograph in Encinitas, California October 14, 2014.Mike Blake

(Reuters) - Netflix Inc is seeking to increase its share authorization by nearly 30 times, the video streaming service said in a filing with regulators.

The company is seeking shareholder approval to increase the number of shares authorized to 5 billion from the current 170 million, a regulatory filing showed.

The move by Los Gatos, California-based Netflix, whose stock has traded at above $300 for a year-and-a-half, indicates a first step toward a possible stock split.

Netflix, whose shares closed at $454.57 on Friday on the Nasdaq, was not immediately available for comment.

Reporting by Sai Sachin R in Bengaluru. Editing by Andre Grenon

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