by Christopher Freeburn | February 5, 2014 9:21 am
Video streaming giant Netflix (NFLX) says it will invest heavily to boost its portfolio of movies and TV shows.
NFLX detailed plans to spend $6.2 billion to acquire content over the next three years in its annual report for 2013. That includes almost $3 billion in content spending by NFLX in 2014 alone, GigaOm notes.
On Tuesday, NFLX revealed plans to issue $400 million in debt. Financing obtained through the NFLX debt issuance will be used to fund efforts to penetrate deeper into the European market and fourth content acquisitions.
Over the past few years, NFLX has developed a number of original TV series of its own, including House of Cards, Orange is the New Black and Hemlock Grove.
Last month, NFLX stock surged after NFLX posted higher-than-expected quarterly earnings and revenue.
NFLX stock fell almost 2% in Wednesday pre-market trading. NFLX shares have climbed more than 130% over the past year. NFLX shares closed at $405.91 on Tuesday.
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