Disney anounces plans to remove all its movies from Netflix to start their own service.

• Disney branded direct-to-consumer streaming service will launch in 2019
• Company will also launch its own ESPN video streaming service in early 2018

...putting the firm in direct competition with Hulu, Netflix, Amazonand others.

HOW IT WILL WORK

To power its new streaming service, Disney said it would pay $1.58 billion to buy an additional 42 percent stake in video-streaming firm BAMTech.

Last year, Disney said it was taking a 33 percent stake in BAMTech for $1 billion.



'We felt that having control of a platform we've been very impressed with after buying 33 percent of it a year ago would give us control of our destiny.'

Netflix played down the effect of Disney's announcement, and said it would continue to do business with Disney globally, including its relationship with Disney's Marvel TV.

'U.S. Netflix members will have access to Disney films on the service through the end of 2019, including all new films that are shown theatrically through the end of 2018,' the company said in a statement.

Disney will end its distribution agreement with Netflix for subscription streaming of new releases, beginning with the 2019 calendar year theatrical slate.

The move will affect all its titles, and means although Netflix should get the next two Star Wars movies, it won't get the new trilogy's final installment.