Netflix Inc. Enters into New Credit Agreements

On December 19, 2025, Netflix, Inc. entered into a Senior Unsecured Revolving Credit Agreement providing for a $5,000,000,000 facility and a Senior Unsecured Delayed Draw Term Loan Credit Agreement providing for two facilities: a two-year $10,000,000,000 facility and a three-year $10,000,000,000 facility. These agreements replace commitments under a previous bridge commitment letter with a more permanent and cost-effective funding structure. The proceeds from these facilities are intended to fund the cash portion of the purchase price for a merger agreement dated December 4, 2025, pay related fees and expenses, and optionally refinance certain indebtedness. The facilities can also be used for working capital and general corporate purposes. The agreements include customary covenants, events of default, and require Netflix to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0.