Disney to ditch Netflix, launch its own streaming service

The Walt Disney Company announced Tuesday that it would be ending its deal with Netflix and head its own streaming service exclusively for ESPN.

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The company shared the news on its website, writing that its new streaming service would be built off of technology from MLB-founded video streaming platform, BAMTech.

It will pay BAMTech an additional $1.58 billion for a total 75 percent stake in the company.

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Disney’s ESPN-only streaming service promises “10,000 live regional, national, and international games and events a year” and will become the  “exclusive home in the U.S. for subscription-video-on-demand viewing of the newest live action and animated movies from Disney and Pixar,” the company said.

But the Disney movies currently on Netflix won’t be going away — not anytime soon, at least.

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The Netflix distribution deal will end in 2018 and Disney’s new streaming is set to kick off in 2019 with Disney’s “Toy Story 4,” the “Frozen” sequel and Disney live-action’s “The Lion King.”

Additionally, Disney announced a “significant investment” in original movies, TV shows and other Disney-branded exclusives for ESPN subscribers.

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Subscribers will also have access to a huge collection of Disney and Pixar movies and Disney television programming.

According to The Verge, Disney’s decision is “a real blow” to Netflix. In 2012, the streaming service and entertainment company secured a streaming deal, but the deal only went into effect in 2016.

» RELATED: Now hiring: Disney looks to fill work-from-home positions

Read the full news release from Disney.

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