• Streaming service’s stock rises 70% since January
• Netflix valued at $162bn with Disney at $151.6bn

Netflix surpassed Disney as the most valuable US media company on Thursday, a sign that Netflix’s subscriber growth, coupled with potential problems in Disney’s acquisition of 21st Century Fox’s TV and film assets, as well as changes in entertainment media consumption habits, are contributing to fundamental shifts in power.

Netflix’s stock is up 70% since January. Netflix shares jumped energetically in Thursday morning trading and by 12.15pm local time in New York, the stock was up 1.9%, to an all-time high of $351.09 per share. That gave the company a market capitalization of nearly $162bn.

Disney, by contrast, was down 1.1% to $101.74 per share, giving it a market value of $151.6bn. Disney’s drop was based largely on fears that the cable operator and NBCUniversal parent Comcast, armed with $60bn in cash, might prevail in a battle with Disney for Fox assets.

Streaming giant Netflix is riding high on news of a multimillion-dollar deal with Barack and Michelle Obama to use their newly created TV production house, Higher Ground Productions, to create shows.

“We hope to cultivate and curate the talented, inspiring, creative voices who are able to promote greater empathy and understanding between peoples, and help them share their stories with the entire world,” the former president said earlier this week.

Netflix has also cut recent deals with Shonda Rhimes, who produced Grey’s Anatomy and Scandal, and Glee creator Ryan Murphy.

According to the Financial Times, the Obamas’ “multiyear” agreement includes both scripted and unscripted series, documentaries and feature films.

But the battle between Netflix and Disney may only just be heating up. The two companies have been wary rivals, with Disney licensing some content to Netflix. That agreement is set to expire as Disney pushes deeper into subscription-streaming territory.

The competition for creative talent has also been joined by Apple, Google and Amazon, each pouring billions of dollars into content production. That’s led to a sharp rises in costs – and a payday for talent – with traditional entertainment studios struggling to match Silicon Valley’s deep pockets.