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The Walt Disney Company
In this Monday, Aug. 7, 2017, photo, The Walt Disney Co. logo appears on a screen above the floor of the New York Stock Exchange. The Walt Disney Co. reports earnings, Tuesday, Aug. 8, 2017. (AP Photo/Richard Drew)

Disney will pull its movies off Netflix and start a streaming service


Disney announced Tuesday that it plans on removing all of its movies from Netflix, according to CNBC.

CNBC reported that Disney also intends on creating a branded direct-to-consumer streaming service of its own in 2019.

Disney reportedly revealed the move during its latest earning report, with Netflix stock dropping more than 5 percent after the news emerged.

The company additionally wants to start an ESPN video streaming service in early 2018, with the platform boasting roughly 10,000 sporting events annually.

CNBC listed the National Hockey League (NHL), Major League Baseball (MLB), Major League Soccer (MLS), collegiate sports and tennis’ grand slam events as future attractions.

Some Twitter users on Tuesday predicted that the change would have a significant impact on Netflix’s catalog and user base.

Other people on the social media platform voiced support for Netflix, which has housed multiple properties under Disney’s umbrella in recent years.

CNBC reported that Disney’s streaming service would originate in the U.S. before ultimately expanding globally.

Disney CEO Bob Iger said the company has a “good relationship” with Netflix but has decided to exercise an option to yank its content off the platform.

The company is reportedly buying a majority ownership of BAM Tech to power the service at a cost of $1.58 billion.
Disney previously purchased a 33 percent stake in the company in August 2016 following its spin-off from digital media company MLB Advanced Media.

“This represents a big strategic shift for the company,” Iger said. “We felt that having control of a platform we’ve been very impressed with after buying 33 percent of it a year ago would give us control of our destiny.”

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