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Netflix to sell US$2b of bonds to help fund more content
[NEW YORK] Netflix Inc is selling bonds to help expand its content offering as the company comes under pressure from media giants including Walt Disney Co, AT&T Inc and Apple Inc.
The streaming company is selling US$2 billion of bonds in a two-part offering denominated in dollars and euros, according to a statement Tuesday. The proceeds will be used for general corporate purposes that may include investing in content, production and development, the statement said.
Netflix is coming off a quarter in which its forecast for new subscribers fell short of analysts' estimates. It's been raising prices in some of its largest territories, trying to shift toward profitability when the competition among other streaming services is mounting.