Disney has announced plans to launch its own streaming service in 2019 - and has also decided to pull its films from Netflix.
The company also revealed plans to launch an ESPN streaming service early next year.
In order to launch its new VoD platforms, Disney is set to acquire a majority of BAMTech, the streaming technology company owned by MLBAM, the internet company owned by Major League Baseball. Disney already owned a stake in BAMTech but will pay $1.58 billion for an additional 42 per cent.
Disney CEO Bob Iger said the planned streaming service will exclusively show both Pixar- and Disney-branded films rom 2019. Netflix has subsequently confirmed the announcement will not affect its deal with Marvel TV which includes series such as Daredevil, Jessica Jones and The Defenders.
Iger called the initiatives "a strategic shift in the way we distribute our content."