The deal effectively ends the entertainment giant's agreement with Netflix for SVOD distribution of new releases.
Disney announced it was buying a majority $1.58 billion stake in BAMTech, the MLB Advanced Media service it initially took a $1 billion stake in a year ago.
The company made the announcements on Tuesday as it reported an nearly 9% fall in quarterly profits.
The Disney and ESPNstreaming services will be available for purchase directly from Disney and ESPN, in app stores, and from authorized service providers. "The media landscape is increasingly defined by direct relationships between content creators and consumers", said Iger.
The news follows Disney's majority-share acquisition of BAMTech, a streaming technology and marketing company it first bought one third of a year ago for $1 billion.
Disney also announced a new ESPNstreaming service which'll launch in early 2018. On Disney's earnings call, CEO Bob Iger clarified that the company hasn't decided how to deal with the Star Wars and Marvel franchises, and said it could choose to continue to license those movies to a service like Netflix.
Disney reached an exclusive partnership with Netflix previous year to bring Disney, Marvel, Lucasfilm, and Pixar movies to the streaming platform.
In an even bolder move, Disney is working on a standalone streaming service for ESPN.
The Walt Disney Company announced today it plans to launch their own digital streaming platform and their intention to end their current Netflix deal. "Original movies, TV shows, [and] short-form content" will be included in the service and it will be full with all the content from Disney, Pixar, and Disney's TV channels.
But this isn't because Disney has bad blood with Netflix. If you have a Netflix subscription, start bingeing Air Bud: Seventh Inning Fetch, Air Bud: Spikes Back and Air Bud World Pup one more time, before it's too late. To help make both platforms a reality, Disney is acquiring majority ownership of BAMTech, LLC - a global leader in direct-to-consumer streaming technology. To power this new venture, Disney bought a 33% stake in BAM Tech for $1.58 billion.
Glen Campbell, 'Rhinestone Cowboy' singer, dies at 81
He also appeared with John Wayne in the 1969 film True Grit and starred as a singing Vietnam vet in the 1970 film Norwood . That contact led to an invite to join the Beach Boys on tour in 1964 to replace Brian Wilson after his nervous breakdown.
Strong quakes hit China, at least 13 dead
The region hit by Tuesday's temblor was the site of a major natural disaster in May 2008 that killed nearly 70,000 people. The China Earthquake Administration said 107 aftershocks had been detected as of 10:30 p.m.
Google Fires Engineer Behind Anti-Diversity Memo
Damore worked for Google's search product and said he plans to pursue legal action as he believes his firing to be illegal. It argues that it doesn't have a gender gap in pay but has declined to share full salary information with the government.