Netflix Inc. has become the U.S.’s No. 1 media company by market value, surpassing Walt Disney Co. a day after it zoomed past Comcast Corp. for No. 2.
According to FactSet, Netflix’s NFLX, +0.57% market cap stood at $153 billion on Thursday, which compares with Disney’s DIS, +0.09% $152 billion. ComcastCMCSA, +0.38% was valued at around $145 billion.
Netflix shares, up about 1.5% near the closing bell, have gained 123% in the past 12 months, contrasting with losses of 5.4% and 22% for Disney and Comcast and far surpassing gains of 13% for the S&P 500 index SPX, -0.24% and 18% for the Dow Jones Industrial Average DJIA, -0.24%
The stock-market run underscores viewers’ long-standing move away from cable and broadcast TV. Netflix recently has scored high-profile deals, including a multiyear agreement with Barack and Michelle Obama that could lead to films, documentaries and series.
The company said last month it would spend more than $8 billion on content this year.