(Bloomberg) — Gone are the heady days of 2018 when Netflix Inc. was briefly worth more than entertainment heavyweights Walt Disney Co. and Comcast Corp.
Disney’s market value at $268 billion is now twice that of Netflix’s after a recent surge fueled by optimism about its rival streaming service. Disney shares rose 7.4% to a record on Wednesday after reporting that 10 million customers subscribed to its Disney+ service, which debuted on Tuesday.
Netflix has seen its market value fall to about $124 billion from a record $182.1 billion in July 2018 amid slowing revenue growth and increasing competition. Comcast Corp. has a market value of $206 billion.
To be sure, Disney’s market value increase was aided by its $71 billion acquisition of 21st Century Fox Inc.’s entertainment assets. The deal was completed in March.
(Updates shares in second paragraph, notes Fox acquisition in last paragraph.)
To contact the reporter on this story: Jeran Wittenstein in San Francisco at [email protected]
To contact the editors responsible for this story: Catherine Larkin at [email protected], Jennifer Bissell-Linsk
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