LOS ANGELES — Netflix is about to pour even more money into its original content.
The streaming giant on Monday said it has plans to take out $800 million in debt to finance originals. The overall goal for the platform is to have 50% original content, or a total of 1,000 hours of new programming, in 2017.
With the added debt offering, Netflix's long-term debt is over $3 billion.
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Netflix said in a statement the funds will go toward "general corporate purposes" including content acquisitions.
The news comes just a week after Netflix reported its third quarter earnings. Read more...
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