Netflix said Wednesday it plans to offer $1 billion in senior notes to raise fresh cash. Netflix said it intends to use the net proceeds from the offering “for general corporate purposes, whi…
Netflix said it intends to use the net proceeds from the offering “for general corporate purposes, which may include content acquisitions, production and development, capital expenditures, investments, working capital and potential acquisitions and strategic transactions.”
Netflix taps the debt market for cash periodically to fuel its massive content spending, which hit $15 billion last year. It’s last offering was for $2 billion in October. Companies across media and entertainment have been raising billions of dollars over the past month to provide a cushion against the economic impact of the coronavirus pandemic. Walt Disney, for instance, has secured $11 billion in new financing.
Netflix, as its first-quarter earnings reported yesterday showed, is in a slightly different situation with no exposure to advertising, live sports, theme parks or theatrical distribution. It’s a pure subscription play and saw net new adds of nearly 16 million last year globally as consumer stuck at home turned to the service – blowing past expectations.
Wall Street’s biggest concern has been the streaming giant’s rapid spending ramp on on original production, its long-term debt and its negative free cash flow. Executives said yesterday that the latter had peaked in 2019.
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