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Disney Will Launch It's Own Streaming Services for Movies, Live Sports
10 August 2017, 03:27 | Kenneth Drake
We first heard about this service a year ago, when Disneyacquired a minority stake in BAMTech, the MLB-founded video juggernaut behind numerous most popular sports and TV streaming services. FBR & Co analyst B. Crockett now forecasts that the entertainment giant will post earnings per share of $1.55 for the quarter, down from their previous estimate of $1.74.
Walt Disney 3Q F17 earnings were released after closing bell, and the company reported adjusted earnings of $1.58 per share on $14.24 billion in revenue.
The company will end its distribution deal with Netflix in January 2019.
Shares of Walt Disney Company (NYSE:DIS) traded down 3.88% during mid-day trading on Wednesday, hitting $102.83.
Media networks segment's revenues dropped 1 percent to $5.87 billion, while parks and resorts units climbed 12 percent to $4.89 billion. Big titles coming that year include "Toy Story 4", "Frozen 2", and the live-action "The Lion King", CNBC reported.
Disney had already said it would be launching a streaming ESPN service.
Disney is parting ways with Netflix. It will be the first time the sports broadcaster has offered an independent, multi-sport service that doesn't come with its own licensing complications and isn't tied to an existing third-party service like Sling.
The platform, which will feature about 10,000 sporting events each year, will have content from the MLB, NHL, MLS, collegiate sports and tennis' Grand Slam events.
Users will be able to stream Disney and Pixar movies, Disney channel, Disney Junior and Disney XD content, as well as original movies and television shows. Notably, ESPN will not be streaming pro football or basketball, at least initially. The company previously held a 33 percent stake in the company under an agreement that included an option to acquire a majority stake over several years.
The current plan is for Disney and ESPN streaming services to be available for purchase directly from Disney and ESPN, in app stores, and from authorized pay-TV partners.
The new streaming services will likely "accelerate the erosion" of Disney's TV networks, especially if other major cable networks make similar moves, said Moody's analyst Neil Begley.
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