Video streaming service Netflix is now more valuable than both Disney and Comcast, according to a report.
“As of 12:15 p.m. ET, Netflix shares were up 1.9%, to an all-time high of $351.09 per share. That gives the company a market cap of nearly $162 billion,” reported Variety on Thursday. “Disney’s stock was down 1.1% in midday trading, to $101.74 per share, yielding a market cap of close to $152 billion.”
“On Wednesday, Netflix’s market cap surpassed that of Comcast, the cable and media giant that’s poised to start a bidding war with Disney to acquire 21st Century Fox assets,” they continued.
Netflix stock has increased in value by 80 percent just in 2018. This is at least in part a result of the surge in Americans cutting the cord by dumping their cable TV provider.
In December, it was reported that subscriptions for cable television and Netflix were “neck and neck,” with many Americans turning away from traditional television to digital streaming subscriptions.
This month, Netflix announced that former President Barack Obama and his wife, former First Lady Michelle Obama, would be producing content for the service, while in March, it was revealed that Obama loyalist Susan Rice had joined the company’s board of directors.