More money, more content: Netflix announces plans to raise millions

LOS ANGELES — Netflix is about to pour even more money into its original content.

The streaming giant on Monday said it has plans to take out $800 million in debt to finance originals. The overall goal for the platform is to have 50% original content, or a total of 1,000 hours of new programming, in 2017.

With the added debt offering, Netflix's long-term debt is over $3 billion.

SEE ALSO: Netflix is giving up on a major country

Netflix said in a statement the funds will go toward "general corporate purposes" including content acquisitions.

The news comes just a week after Netflix reported its third quarter earnings.  Read more...

More about Films, Tv, Streaming Services, Netflix, and Business

via Mashable

Put the internet to work for you.

Turn off or edit this Recipe