Netflix founder: I won't pay for magazines anymore

Reed Hastings sure knows how to bring down the mood in a room. The Netflix founder and CEO was a guest Wednesday at the Magazine Publishers of America's Innovation Summit, but he couldn't bring himself to tell his hosts what they surely wanted to hear.

During a keynote interview, Hastings confessed that, over the past five years, he has gone from subscribing to five magazines -- Fortune, BusinessWeek, Harvard Business Review, The Economist and The Atlantic -- to subscribing to none. He canceled all his subscriptions, he said, after discovering he's able to read all the articles he wants online for free.

"I love the content. I still get the content," he told his interviewer, John Byrne, the executive editor of BusinessWeek (or should that be Bloomberg BusinessWeek?). "I just don't pay for it anymore."