Economy

Disney pulling all of its movies from Netflix

Disney pulling all of its movies from Netflix”

According to Deadline, "The Disney-branded service will be 'the exclusive home in the US for subscription-video-on-demand viewing of the newest live action and animated movies from Disney and Pixar.'" In addition to offering existing movies and television shows from the company's extensive library, the service will also produce "original movies, TV shows, short-form content and other Disney-branded exclusives".

Walt Disney Co shares fell $3.60 (-3.37%) in after-hours trading Tuesday.

To roll out its streaming services, The Walt Disney Co. will take majority control of BAMTech, a streaming arm of Major League Baseball spun off a year ago from Baseball Advanced Media, for $1.58 billion.

The entertainment giant also announced that it will end its distribution agreement with Netflix for subscription streaming of new releases, beginning with 2019.

More news: Viacom Inc. (VIAB) Shares Bought by Stoneridge Investment Partners LLC

Parks and Resorts revenues for the quarter jumped 12% to $4.9 billion, and segment operating income in that unit surged 18% to $1.168 billion.

Disney has made an agreement to acquire a majority stake in BAMTech, a streaming video service founded by Major League Baseball, with an intent to launch its own ESPN streaming service in 2018 and an overall Disney service in 2019. As well as its classic animated films, Disney's catalogue includes such hugely popular cinematic brands as Pixar, Star Wars, and Marvel. Or it's possible those licenses will expire and will depart sometime before or shortly after Disney's new streaming service launches. The multimedia conglomerate already owns 33% of the streaming service. The service will feature "approximately 10,000 live regional, national, and global games and events a year", including, Major League Baseball, National Hockey League, Major League Soccer, Grand Slam tennis, and college sports, Variety reports".

Disney says the service won't be spun out into a new app, but rather it will live inside the existing ESPN app, which is accessible on a number of devices like smartphones, game consoles, and streaming TV boxes. ESPN would be a mix of streaming and pay TV.

Variety reports that those services will "be available for purchase directly from Disney and ESPN, in app stores, and from authorized pay-TV partners". Disney said this deal marks an acceleration of that timetable.



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