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Netflix Hits The Big Time, Most Valuable Media Company In The World

Netflix, who was founded in 1997 and debuted on the US stock market in 2002 as a DVD rental service with less than one million subscribers was for a short while last night the most valuable media Company in the world.

Shares in the online streaming giant rose more than 2% in mid-afternoon trading in New York, pushing the firm’s market value to more than $153bn and ahead of Disney.

Their assent has put pressure on Disney, which is currently trying to buy Rupert Murdoch’s 21st Century Fox.

Walt Disney has agreed an all-share deal worth $52bn — or $66bn including debt — for Fox’s entertainment assets, including its movie studio, cable channels and stake in Sky.

Today Netflix has 125 million streaming memberships in more than 190 countries including Australia, with people tuning in for more than 140 million hours each day.

Its share price has more than doubled in the past 12 months, as the firm announced it was investing billions in original shows and movies, including a production deal with Barack and Michelle Obama.

It is also branching out into new partnerships for distribution, including with the UK’s Sky. Currently Foxtel is talking to Netflix in an effort to reach an agreement that will allow Netflix to be offered on the Foxtel Now streaming box.

Last year Disney said it would stop licensing certain titles to Netflix and launch its own online subscription options.

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