Newcomer overshadows Disney as world's top media company
The video streaming company is spending billions on new programming
Netflix soared past the Walt Disney Company in market value this week, taking the title of most valuable media company from the film, TV and theme-park giant. Shares of the video-streaming service rose as much as 2% to $351.48 (about R4370) in New York, and the company's market cap exceeds the value of Disney. The advance underscores the high confidence investors have in the future of the world's largest, paid, online video service. Netflix's value has surged from about $20-billion at the end of 2014 to surpass the world's most powerful media giants, Comcast and Disney, this week. Still, Netflix's revenue remains well below that of the media titans. Comcast is the largest cable provider in the US and parent of NBCUniversal, which owns film studios, pay-TV networks and theme parks. Its sales totalled $84.5-billion last year. Disney, with 2017 revenue of $55.1-billion, owns ABC and ESPN, two of the most valuable TV networks in the US, along with its namesake parks and resorts.Netflix'...
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