Netflix is bracing for an onslaught of competition. To the tune of $2 billion.
This story has been updated; a previous version misidentified the company that will pull “Friends” and “The Office” from Netflix.
Netflix NFLX, +1.00% said it plans to issue junk-rated bonds denominated in dollars and euros. It did not specify maturities but said it would use the proceeds for a range of purposes, including content, production and development and potential acquisitions. The Apple TV+ offering is priced at $4.99 a month and will be free for one year with the purchase of a new Apple device. For now, the content slate looks slim compared with Netflix, but the iPhone maker is expected to grow through acquisition.Those services will be followed by offerings from Comcast’s Peacock service and AT&T Inc.’s T, -0.62% HBO Max are due in spring 2020. Netflix is already competing with services from Amazon.com AMZN, +1.60% and Hulu.
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