Expensive Things: Netflix raising $2 billion to buy more shows
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Netflix is once again turning to Wall Street to raise $2 billion for new programming as the streaming-video giant seeks to maintain its torrid subscriber growth.
Netflix is going on a spending spree that will put it more than $10 billion in debt for the first time as it continues to pay for original shows. Netflix has been able to sustain such free-wheeling borrowing and spending thanks to its soaring subscriber count and valuation, which has reached $140 billion, up 70 percent this year.
The streaming darling, known for producing hits like “Stranger Things” and “13 Reasons Why,” will raise the $2 billion in a bond offering that can go toward keeping up its content library. The company said last week that it expects to burn about $3 billion in cash this year as it continues to prioritize original series and movies.
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