Netflix Adds $2 Billion To Growing Debt
Netflix announced On Monday it will raise $2 billion in debt, marking the second time this year the company has had to raise cash through debt.
It appears that with slowed growth, locally and internationally, and mounting debt, Netflix is on a bit of a mission to streamline its business and operations. Specifically, in the areas of content quality and cash flow.
The streaming giant, this month axed various popular shows including The Luke Cage and Iron Fist series. The company reported negative cash flow of $859 million in its most recent quarterly report.
That number is expected to be well over $3 billion for the entire year. The company's overall debt sits at approximately $12 billion. A figure that does not include their recently announced $2 billion note offering.
Netflix expects to use the proceeds from this offering to improve their cash position and invest in content development.