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The company also plans to make a "significant investment" in developing original movies, TV shows, short-form content and other "Disney-branded exclusives" for the new streaming service.

Disney made the announcement during the company's second quarter earnings call. But this also raises the question - what does this mean for the Marvel shows that are now on Netflix? They don't watch Disney.

"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", Disney CEO Bob Iger said in a statement. Disney's subscription-video service will be the new and exclusive home of its iconic animations and live-action films. But everything has a weakness and Disney's just fired a couple of proton torpedoes squarely into Netflix's with the announcement that it's pulling its movies from the service. Those series will apparently not be impacted by Disney creating its own streaming service. They won't be just streaming their TV shows and movies but also sports. The company now has many agreements with Netflix which allows the latter to stream Disney movies, and the movies made by Disney's subsidiaries and collaborators - including Lucas Film's Star Wars franchise, and the Marvel films. He left the door open to continuing to license them to a partner like Netflix, but not necessarily Netflix, or for the company to start streaming services specifically for those properties.

Disney acquired a 33% stake in BAMTech past year, but has said that it has now invested a further $1.6 billion to boost its stake to 75% and will acquire control of the company.

With the shift, Disney said it would end its distribution agreement with Netflix for subscription streaming of new releases, beginning with the 2019 calendar year theatrical slate. That deal has spawned Daredevil, Jessica Jones, Luke Cage, Iron Fist, and the upcoming The Defenders as well as The Punisher. Disney will draw on its own content from its film and television catalog for its consumer channel, and offer a sports service which could fill a gap by delivering live sporting events. The Motley Fool owns shares of and recommends Netflix and Walt Disney. Raymond James analyst Justin Patterson said if Netflix survived the loss then, the company should be fine, having added much more content in the meantime.

Rogue One: A Star Wars Story - Disney was one of the major production companies behind the recent Star Wars films, so the newest in the franchise might get blasted off Netflix.