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Business Briefing / ENTERTAINMENT

Netflix to shutter Red Envelope

July 22, 2008|From Times Staff and Wires

Netflix Inc. is shutting down a division that invested in low-budget films and documentaries, saying the Red Envelope Entertainment unit competed with its main suppliers, Hollywood studios.

Red Envelope, with about 50 employees, invested in more than 100 films, including "The Bituminous Coal Queens of Pennsylvania," a documentary about a small-town beauty pageant, and "Favela Rising," a documentary about Rio de Janeiro street musicians.

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