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What: Shares of Netflix (Nasdaq: NFLX  ) fell more than 10% in early trading and should close down about the same. Starz announced yesterday that it wouldn’t re-up the company’s streaming deal when it expires next February.

So what: Starz’s statement was anything but encouraging. CEO Chris Albrecht spoke of preserving “appropriate pricing” for his company’s “valuable” content. The implication? Netflix low-balled in its negotiations with the Liberty Global (Nasdaq: LBTYA  ) subsidiary.

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Don