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Netflix is selling 3.5 million shares of common stock that will raise more than $101 million in working capital. The proceeds will be used for general corporate purposes, including possible acquisitions, and for technology investments.
Netflix is selling 3.5 million shares of common stock that will raise more than $101 million in working capital.
Netflix, No. 18 in the Internet Retailer Top 400 Guide to Retail Web Sites, issued the shares on April 29 at a price of $30 per share. The offering is being underwritten by Lehman Brothers Inc.
The company will use the proceeds for general corporate purposes, including possible acquisitions, and investing in new technology. For instance, Netflix will offer the first films available in HD DVD when the new high-definition format is introduced this spring, according to plans outlined by several major studios. Netflix also will offer films in the Blu-ray format when that launches later this year.
Netflix wants to allocate more resources to another business development program that would enable subscribers to download movies and other video directly from Netfix.com. “As technology and infrastructure develop to allow effective and convenient delivery of movies over the Internet and when meaningful content becomes available, we intend to offer our subscribers the choice of receiving their movies on DVD or by downloading, whichever they prefer,” the company says in its recently released annual report.