Disney Pulls Movies from Netflix and Launch Own Streaming Service
Disney has announced that it will be removing its films from the streaming service Netflix. Additionally, Disney will be launching an ESPN streaming service some time early next year. After that, a Disney streaming service will also go up.
ESPN has been losing subscribers for a few years now and there has been word of a standalone streaming service in the talks for a while now.
Photo of Disney CEO Bob Iger via THR
For Disney to go through with this, they will have to acquire the majority of the streaming technology company owned MLBAM known as BAMTech, which is also owned by Major League Baseball. As of now, Disney does own a stake in BAMTech but they will be shelling out $1.58 billion for an additional 42 percent.
The pull from Netflix has come unannounced and took many by surprise as it is ending a distribution agreement with the 2019 slate. This news resulted in a 4 percent drop in Netflix’s shares. Disney CEO Bob Iger has called this “a strategic shift in the way we distribute our content.”
What do you think of Disney’s actions? Tell us your thoughts in the comments below!
Source: The Hollywood Reporter
