Netflix to raise $1bn to tap surge in Covid-19 lockdown subscribers

Netflix plans to use some of the cash to acquire content and for possible acquisitions, positioning itself as major US studios halt productions and delay film releases due to coronavirus lockdowns.

Netflix plans to raise about $1bn (€922m) in debt to beef up original content, a day after the streaming pioneer doubled its own projections for new customers as stuck-at-home users binged on movies and shows.

Shares in the company fell at one stage after it also forecast a weaker second half of the year when shelter-in-place orders are lifted.