The notes will be senior unsecured obligations of Netflix. Interest will be payable semi-annually at a rate of 8.50% per annum on May 15 and November 15 of each year, beginning on May 15, 2010.

Netflix plans to use the net proceeds of the offering to repay all outstanding amounts under, and terminate, its credit agreement, dated as of September 16. It may also use the funds for future stock repurchases and general corporate purposes, including capital expenditures, working capital and potential acquisitions and strategic transactions.

Los Gatos, California-based Netflix is an online movie rental service that claims to have more than 10 million subscribers.

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Netflix intends to use the net proceeds of the offering to repay all outstanding amounts under, and terminate, its Credit Agreement, dated as of September 16, 2009, and for possible future stock repurchases and general corporate purposes, including capital expenditures, working capital and potential acquisitions and strategic transactions.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the foregoing notes, nor shall there be any offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

The notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

    Contact:
    Steve Swasey
    408-540-3947
    sswasey@netflix.com

SOURCE Netflix, Inc.

http://www.netflix.com

Both the live webcasts and replays of the presentations will be available on the investor relations page of the Netflix web site at http://ir.netflix.com/.

About Netflix

Netflix, Inc. (NASDAQ: NFLX) is the world's largest online movie rental service, with more than 11 million subscribers. For only $8.99 a month, Netflix members can instantly watch unlimited movies and TV episodes streamed to their TVs and computers and can receive unlimited DVDs delivered quickly to their homes. There are never any due dates or late fees. Netflix members can exchange DVDs as often as they want using a postage paid return envelope. Members can choose from a vast selection of DVD titles and a growing library of movies and TV episodes that can be watched instantly. Netflix is partnering with leaders in consumer electronics to bring to market a range of devices that can instantly stream movies and TV episodes from Netflix directly to members' TVs. These devices currently include Blu ray disc players and new Internet TVs from LG Electronics; Blu ray disc players from Samsung and Best Buy's Insignia brand; the Roku digital video player; Microsoft's Xbox 360 game console; TiVo digital video recorders; and, soon, the PS3 computer entertainment system and Internet TVs from Sony and VIZIO. For more information, visit http://www.netflix.com/.

SOURCE Netflix, Inc.

http://www.netflix.com