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Disney raised its offer for the assets in June from $52.4bn to $71.3bn and also for the first time made an alternative available to Fox shareholders who would rather receive cash instead of Disney shares.

Iger, on a post-earnings webcast, said growth of smaller channel bundles delivered online had helped make up for customers dumping larger cable packages. This won't affect the budget, as a recent report from the New York Times said the episodes will cost "one hundred million for ten episodes".

According to Disney, their new streaming service will focus on the "core Disney fan" and will be mostly family-friendly content that Disney is known for. But what does the launch of Disney's big streaming service mean for Marvel's future on Netflix?

While the service will feature Pixar, Marvel, Disney and National Geographic content as well as Star Wars, Disney aims to maximise the value of its content investment through its distribution windowing strategy. Pretty much, Marvel movies hit Netflix eight or nine months after their theatrical debut, and all that really proves is that Captain Marvel would normally likely hit around November or December 2019...which is perhaps a little after we expected their service to hit. The only Marvel properties that will survive the great VOD dusting will be Netflix's TV shows.

"20th Century Fox Film... gives us the opportunity to be associated with, and to expand, iconic movies franchises like Avatar, Marvel's X-Men, Fantastic Four, Deadpool, Planet of the Apes, Kingsman, and many others", Iger said, giving a wide berth to the studio's specific plans for each of the Fox brands. For now, Disney has sold the rights to these movies to places like Netflix.

The untitled Star Wars live-action series does not yet have a release date but the Disney direct-to-consumer platform will launch in late 2019.

Operating income was up 5% to US$4.2 billion, with the media networks division recording a drop of 1% to US$1.8 billion as it upped spending ahead of the launch of the streaming service.

Total revenue rose 7% to $15.23bn, driven by box office successes as well as theme parks and resort visits, but missed analysts' $15.34bn forecast.