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Netflix to raise $2 bn for original content

Netflix will borrow the amount in order to pay for the exclusive series and movies

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MUMBAI: American media services provider, Netflix, is planning to raise an additional $2 billion through bond offering. Netflix will borrow the amount in order to pay for the exclusive series and movies that its management credits for helping its video streaming service.

With the 2013 release of House of Cards, the company expanded into original programming and since then the company has been spending more money than its business generates.

According to AP, Netflix is expected to burn through $3 billion this year. The additional $2 billion will be raised through bond offering which will be lopped onto its existing debt of $11.8 billion. That also includes another $1.9 billion debt offering that Netflix completed earlier this year.

Since September 2013, Netflix has witnessed a growth of nearly 100 million subscribers. 7 million subscribers joined Netflix in the past quarter. By the end of this year, the company foresees to add another 9.4 million subscribers.

Netflix has been the clear favourite of investors as they have been betting on the company to win. The world’s leading subscription service company’s stock is worth seven times more than it was five years ago, giving the company a current market value of $146 billion.

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