Netflix and its CEO had a good year in 2018, with total compensation for $36.1 million in 2018 from $24.4 million in 2017.
The streaming leader also said that it plans to borrow another $2 billion by selling notes. The proceeds from the borrowing will be used for general corporate purposes, which could include content acquisitions, production and development, as well as capital expenditure, investments working capital and potential acquisitions.
Netflix has been borrowing billions of dollars to create the content that has been drawing a growing number of subscribers. On its last earnings call, the company said its negative cash flow would grow this year to $3.5 billion.It forecast that its would begin to reduce negative cash flow in subsequent years.
In its proxy statement released today, Netflix said CEO Hastings’ salary was reduced to $700,000 while his stock option awards grew to $35.4 million.
In December, Netflix said it expected Hastings to earn $31.5 million in 2019.
Ted Sarandos, Netflix’s chief content officer, received total compensation of $29.6 million, up from $22.4 million