Netflix passed Comcast in market value on Wednesday, signaling another win for the streaming service as it continues to compete with traditional television.
The video streaming company also reached a record high stock price, gaining 4% on Wednesday for a total market cap of $149 billion. Comcast, on the other hand, fell close to 2% and ended the day with a market cap of $147 billion.
The new market value puts Netflix just under Disney’s market cap of $153 billion. Many expect Netflix could soon surpass the media giant as it continues to have a strong year.
The company’s stock has gone up 70% since January, and surpassed expectations for its first quarter earnings report.
It has also earned attention with new high-profile deals like its announcement this week of a multi-year agreement with former President Barack Obama and former First Lady Michelle Obama. While some fans threatened to boycott the service over the news, it was largely seen as a sign of the company’s power and ability to attract big-name talent.
