May 24, 2018
Netflix eclipses Disney in market milestone
Shares in the online streaming giant rose more than 2% in mid-afternoon trading, pushing the firm's market value to more than $153bn. The ascent briefly eclipsed rival Walt Disney, which has been shaken by Netflix's success at luring US households from cable TV. Netflix shares subsequently fell back, closing the day up 1.3%. Netflix, founded in 1997, debuted on the stock market in 2002 as a DVD rental service with less than one million subscribers. At the end of trading on Thursday, the firm's shares were worth about $350, giving the company a market capitalisation of about $151.8bn. Thursday's gains marked the first time its value has overtaken Disney's. Disney last year said it would stop licensing certain titles to Netflix and launch its own online subscription options. Disney and Comcast shares both slipped about 0.8% on Thursday, pushing their market values to about $152bn and $143bn respectively.
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