Netflix names Microsoft as partner for ad-supported subscription plan

Netflix Inc said on Wednesday it has selected Microsoft Corp as technology and sales partner for its planned ad-supported subscription offering, as the streaming giant looks to plug slowing subscriber growth by rolling out a cheaper plan.

Shares of Netflix rose 2% to $178.06 on the news. After losing subscribers for the first time in a decade and projecting a 2 million decline in the second quarter, Netflix said in April that it was seriously looking at a service with advertising.