Disney ends movie distribution agreement with Netflix

Disney to offer two streaming services and end its movie distribution agreement with Netflix

Disney wants to own a bigger piece of the streaming pie.

The company announced during its latest earnings report on Tuesday it intends to remove its movies from Netflix.

Instead, Disney plans to launch a branded direct-to-consumer streaming service in 2019 starting in the U.S. and expanding globally.

The company will also launch its own ESPN video streaming service in early 2018. 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.

To power the services, Disney is buying a majority ownership of BAM Tech for $1.58 billion.