Streaming video giant Netflix’s push to own more and more content will continue unabated, as the company announced in an SEC filing that it will raise an additional $1.6 billion to help fund its growth.
According to the filing, the $1.6 billion senior notes offering will be used “for general corporate purposes, which may include content acquisitions, production and development, capital expenditures, investments, working capital and potential acquisitions and strategic transactions.”
Netflix may become the biggest content buyer of any media or technology company next year, according to a filing last week noting its spend might reach $8 billion in 2018. This year it is expected to spend about $7 billion -- more than any other content company aside from ESPN.
The $1.6 billion senior note offering will only cover a portion of the total content costs, but will give the company liquidity in the near term as it continues to ramp up its content