NetFlix deprive Disney in market milestone-
On Thursday, NetFlix claimed the title of the most valuable media company in the world at least for a bit. Its market value soared above $153 billion, overtaking Disney as the most valuable media company.
But Disney regained the crown by the close after Netflix shares cut off their gains, taking the streaming company's market cap below $152 billion.
Netflix is still in second place ahead of Comcast, which it passed Wednesday. The cable giant is now valued at about $145.5 billion.
Netflix is an American entertainment company that provides streaming media, video-on-demand online, and DVD by mail. It was founded in 1997 by Reed Hastings and Marc Randolph in Scotts Valley, California. In 2013, Netflix expanded into film and television production as well as online distribution. It is headquartered in Los Gatos, California.
Netflix, founded in 1997, debuted on the stock market in 2002 as a DVD rental service with less than one million subscribers. As of April 2018, Netflix had 125 million total subscribers worldwide, including 56.71 million in the United States.
Disney plans to launch its own streaming network. But that hasn't hurt Netflix yet, despite the fact that Netflix airs many shows based on Disney-owned Marvel comic book characters.
Competition from Hulu -- the streaming service backed by Disney, Fox and CNN parent company Time Warner -- hasn't really dented Netflix's growth either. Nor has Amazon (AMZN) Prime Video. Netflix is now getting closer to telecom and media giants AT&T and Verizon. Both companies are worth about $200 billion.