Disney has announced it intends to remove all its movies from the Netflix streaming service and launch its own similar service instead.
The company's expenses for its own streaming service were not yet specified, but CEO Bob Iger said it would be "significant investments". According to him, Disney will produce movies and television series that will be exclusively shown on the new streaming service.
The company also is planning to start its own ESPN video streaming service in early 2018. The platform will show content from the MLB, NHL, MLS, collegiate sports and tennis' Grand Slam events.