Netflix has announced a plan to raise a further USD 2 billion in debt, adding to long-term liabilities totalling more than USD 30 billion, The Guardian reports.
The company says the money will be used for “a range of corporate purposes,” from buying new programmes and films to acquisitions.
The streaming service is investing heavily in original content to compete with other services like Amazon Prime.
Its stock market cap is over USD 145 billion, and it has 130 million users in 190 countries.
Netflix reported USD 11.8 billion in total debt obligations in September, plus another USD 18.6 billion in payments for content. The new debt issue follows strong results for the third quarter of the year during which Netflix said it added just under 7 million new subscribers in the three months ending in September, which reassured investors. Streaming revenues increased by 36% year-on-year.