Business & Tech

Disney is leaving Netflix and starting its own streaming service

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)

Richard Drew/AP

The Walt Disney Co. logo on a screen above the floor of the New York Stock Exchange.

Walt Disney Co., once again shaking up the media industry, announced it will stop selling movies to Netflix Inc. and begin offering ESPN sports programming and family films directly to consumers over two new streaming services starting next year.

An ESPN-branded service, which the company had said was in the works, will feature 10,000 live events a year, including major league baseball, hockey, soccer and tennis, as well as college sports. Individual sports packages will also be available.

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In 2019 the company will introduce an online service featured Disney films already scheduled for release as well as new programs and content from the company’s library of Disney Channel and other content. A current deal to stream newly released movies with Netflix will end.

Shares of Disney fell 2.6 percent to $104.14 in extended trading after the company also reported quarterly sales that missed estimates. Netflix lost 4 to $171.10.

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