Richard Drew, AP
In this Monday, Aug. 7, 2017, photo, The Walt Disney Co. logo appears on a screen above the floor of the New York Stock Exchange. The Walt Disney Co. reports earnings, Tuesday, Aug. 8, 2017. (AP Photo/Richard Drew)
Disney will soon be leaving Netflix.
CNN reported Friday that Disney plans to end its partnership with the company in 2010.
According to CNN, Disney said during a quarterly earnings report it will launch its own streaming services and plans to buy a BAMTech, another major streaming service.
Disney said in a statement that its own subscription video-on-demand service will launch in 2019 with films “Toy Story 4,” the sequel to “Frozen” and the upcoming live-action “The Lion King” film.
Disney will also invest in in original movies and TV shows for the subscription.
Disney also plans to launch an ESPN streaming service.
Disney movies will still be available on Netflix for the next few years. Only films that hit theaters in 2019 and thereafter won’t appear. Disney’s library also includes the Marvel and Star Wars franchises.
In fact, several family-friendly films will no longer be included on the service.
Disney CEO Bob Iger said the decision was “a strategic shift in the way we distribute our content,” according to The Hollywood Reporter.
Both Disney and Netflix saw their stock shares fall by 2 percent and 5 percent, respectively.
“It’s not a huge surprise, but it’s still a big loss for Netflix, which will now be missing one of the most-loved libraries in all of media, particularly as it pertains to children. Netflix has been bolstering its own youth-focused…