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Disney Announces It Is Pulling All Movies From Netflix; Will Launch Its Own Streaming Service

Disney served a huge surprise moments ago when it reported reported Q3 revenue of $14.24 bn that missed the average analyst estimate, $14.42, even as Q3 EPS of $1.58, above the $1.55 expected.  That was not the surprise: what was is that Bob Iger's entertainment giant just made what was until recently a simmering war with Netflix, hot when the firm announced it would end its streaming act with Netflix, pulling all of its movies, and that instead it would launch an ESPN video streaming service in 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.

The announcement has sent both its and NFLX's shares tumbling.