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.