2015 Getty ImagesMove over, Netflix, there's going to be a new streaming service in Tinseltown. Disney today announced that it has agreed to purchase majority ownership of MLB Advanced Media’s spin-off media company, BAMTech, with plans to launch an ESPN video streaming service next year--and its own Disney streaming platform in 2019. As it launches its own streaming service, Disney will end its distribution agreement with Netflix for new releases, beginning with 2019's theatrical offerings. The announcement--part of Disney's quarterly earnings report--is the boldest move yet made by an incumbent media company against the streaming upstart. Ending its distribution agreement remains a blow to Netflix, which is dishing out some $6 billion on content in 2017.

Source: Forbes August 08, 2017 20:37 UTC