Netflix reveals plans to fund new shows

Netflix Inc (NFLX.O) said on Wednesday it plans to raise about $1 billion in debt, a day after the streaming pioneer doubled its own projections for new customers as stuck-at-home users binged on original shows.

The company plans to use the proceeds to fund original shows, acquire content and for possible acquisitions.

Meanwhile, the company has more than doubled its own projections for new customers as quarantined audiences binged on series such as “Tiger King,” but the company predicted a weaker second half of the year if stay-at-home orders to fight the coronavirus are lifted.

The world’s largest streaming service gained 15.8 million paying customers from January through March, bringing its global total to 182.9 million. Netflix had predicted it would add 7 million during the period.