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Netflix to Raise $105 Million Through Sale of 3.5 Million Shares

Authored by Mark Hefflinger on April 28, 2006 - 9:07am.
Los Gatos, Calif. - Online DVD rental service Netflix announced on Friday plans to sell 3.5 million shares of its stock, priced at $30 each. The transaction is expected to close on May 3. The company said it will use the approximately $105 million in proceeds for general corporate purposes. Earlier this week, Los Gatos, Calif.-based Netflix reported that it now counts 4.87 million subscribers, and also raised its year-end subscriber target from 5.9 million to 6.3 million.
tags: Netflix | Raise | Sale | Share | 3.5 Million |