Benzinga | Dec 3, 2021 08:50AM EST

Netflix Loses Fox Lawsuit Appeal

* Netflix Inc (NASDAQ:NFLX) lost its appeal to a court decision that the company stops poaching fixed-term staff from Fox Corp (NASDAQ:FOX) (NASDAQ:FOXA), 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: NFLX shares traded higher by 0.73% at $620.94 premarket on the last check Friday.