Netflix.svb

SVB was a major lender to independent film and television studios. Through its Media & Entertainment lending group, SVB provided revolving credit facilities to smaller production companies that created content for streamers like Netflix.

SVB’s primary function was lending to early-stage startups and providing banking services to venture capital firms. Netflix, as a profitable, cash-flow-positive enterprise (generating ~$6 billion in free cash flow in 2023), did not rely on SVB for operating loans or payroll management. Netflix.svb

Netflix’s limited exposure contrasted sharply with niche streamers like Roku , which disclosed that $487 million of its cash (roughly 26% of its balance sheet) was held at SVB. Roku’s stock fell 45% in two days. Similarly, Warner Bros. Discovery had modest exposure through its ad-tech subsidiaries. Netflix’s conservative treasury management—prioritizing low-risk, diversified counterparties—acted as a strategic moat. While smaller rivals scrambled to meet payroll, Netflix continued buying back stock and issuing debt (e.g., a $1.7 billion bond offering in April 2023) at favorable rates. SVB was a major lender to independent film