With the streaming wars heading into overdrive, Netflix will beef up its war chest by $2 billion.
The company behind “Stranger Things” and “Ozark” said Monday it plans to raise $2 billion through a new debt offering and will use the cash to finance content as deep-pocketed players get set to tee off competing products.
Apple and Disney will launch rival streaming services next month at cutthroat prices. Apple TV+ will cost $4.99 a month, and Disney+ $6.99 a month. Netflix’ basic plan costs $8.99.
“The competition doesn’t give Netflix the luxury of easing up on content expansion,” CFRA analyst Tuna Amobi told The Post. “It’s an arms race, but it’s one Netflix began preparing for a long time ago.”
Two more rivals, Comcast’s streaming service from NBCUniversal and AT&T’s HBO Max, will launch in the spring.