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10/21, 4:04 PM (Source: TeleTrader)
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Netflix raises $2B in debt for content spending

American entertainment company Netflix Inc. announced on Monday it plans to raise new $2 billion in debt to fund original content.

Last week the company noted its net income in the third quarter of the year increased by 65% to $665 million from $403 million year before. Its revenue grew 31.1% compared to the same period last year as it reached $5.2 billion.

Earlier this year, Netflix said it expects its cash burn to reach its highest point in 2019 before it starts to decrease. In its letter to shareholders, the company wrote "it will be able to fund more of our content spending internally," which should result in improved cash flow next year.

Breaking the News / TF