Los Gatos-Based Netflix to Raise $105 Million in Secondary Offering

Los Gatos, Calif. -- Netflix, the Los Gatos-based online DVD rental service, said on Friday that it plans to raise $105 million through a secondary offering, selling 3.5 million shares of its stock for $30 each. The transaction is expected to close on May 3. The company said that it will use the proceeds for general corporate purposes. Earlier this week, 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.
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