Netflix to Sell $2 Billion of Bonds in Return to Junk Market
- Media firm faces competition as subscriber outlook disappoints
- Borrowing to wind down as financing needs abate, CEO says
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Netflix Inc. is returning to the junk-bond market to fund its content expansion as the company comes under pressure from media giants including Walt Disney Co., AT&T Inc. and Apple Inc.
The streaming company is selling $2 billion of bonds in a two-part offering denominated in dollars and euros, according to a statement Tuesday. The proceeds will be used for general corporate purposes that may include investing in content, production and development, the statement said.