Talk about keeping it all in the family: Netflix's newly issued $200 million convertible debt (part of a $400 million financing announced yesterday) was bought by Technology Crossover Ventures, an investment firm that was co-founded by Netflix board of directors member Jay Hoag, and where Netflix's former CFO Barry McCarthy is now a venture partner. There's nothing untoward about the move and TCV is a long-time Netflix investor. In fact, given the pair's intimate understanding of Netflix's operations, the move could actually be interpreted as a real vote of confidence in the company's future. Or, on the other hand, it could be seen as a sort of hard-luck loan as the company struggles to regain its footing in the wake of massive recent missteps and aggressive expansion plans.
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