Netflix cancels Qwikster spinoff

The digital video delivery company Netflix said Monday that it is reversing a plan announced only weeks ago to spin off its DVD-by-mail business from its streaming video service.

"Instead, U.S. members will continue to use one website, one account and one password for their movie and TV watching enjoyment under the Netflix brand," the company said in a statement.

"Consumers value the simplicity Netflix has always offered and we respect that," Netflix co-founder and CEO Reed Hastings said. "There is a difference between moving quickly - which Netflix has done very well for years - and moving too fast, which is what we did in this case."

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