Disney Ditching Netflix To Launch Its Own Streaming Service

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ORLANDO (CBSMiami) – Disney's partnership with Netflix is coming to an end.

On Tuesday, the Walt Disney Company announced its plan to start its own streaming service after acquiring majority ownership of BAMTech for $1.6 billion.

"Today we announced a strategic shift in the way we distribute our content," said Robert Iger, CEO of the Walt Disney Company, in a statement. "This acquisition and the launch of our direct-to-consumer services mark an entirely new growth strategy for the company, one that takes advantage of the incredible opportunity that changing technology provides us to leverage the strength of our great brands."

The new Disney-branded platform will premiere in 2019 – just in time for Toy Story 4, the sequel to Frozen and a live-action remake of The Lion King, the company said in a statement.

The service would allow users to stream Disney and Pixar movies, Disney Channel, Disney Junior and Disney XD content, as well as original movies and television shows.

On the sports side of things, Disney also plans to kick off its ESPN streaming service in early 2018.

"The media landscape is increasingly defined by direct relationships between content creators and consumers, and our control of BAMTech's full array of innovative technology will give us the power to forge those connections, along with the flexibility to quickly adapt to shifts in the market," Iger said.

BAMtech, founded by Major League Baseball, provides direct-to-consumer streaming services to MLB, National Hockey League and PGA Tour.