MUMBAI: Streaming giant Netflix, on its upward journey, has surpassed Comcast’s market value owing to a new record high of its stock price. Netflix’s market value stands closer to Disney now. While Netflix ended yesterday with a total market cap of $152.8 billion, Comcast ended with $147.15 billion.
Since the beginning of this year the company has been showing good financial performance. Its stock has been up 70 per cent since the beginning of 2018. Its Q1 2018 earnings report showed it making a net profit of $290 million.
Netflix has stuck a production deal with former US president and his family - the Obamas - which has led to a four per cent increase of its stock. On the other hand, Philadelphia-based cable TV conglomerate Comcast’s stock ended the day down around 2 per cent.
Meanwhile, Comcast has confirmed it is in advanced stages of preparing an offer for the businesses that Fox had agreed to sell to Disney. The former is gearing up to top Disney’s $52 billion (€44.4bn) offer for 21st Century Fox.
“Comcast Corporation confirms that it is considering, and is in advanced stages of preparing, an offer for the businesses that Fox has agreed to sell to Disney (which do not include the Fox News Channel, Fox Business Network, Fox Broadcasting Company and certain other assets),” it said in a statement.
“Any offer for Fox would be all-cash and at a premium to the value of the current all-share offer from Disney. The structure and terms of any offer by Comcast, including with respect to both the spin-off of New Fox and the regulatory risk provisions and the related termination fee, would be at least as favourable to Fox shareholders as the Disney offer,” it added.
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