VOTE FOR THE BEST OF ORLANDO® 2021 NOW THROUGH AUG. 1!

Wednesday, August 9, 2017

Disney stocks take a hit after announcing split with Netflix

Posted By on Wed, Aug 9, 2017 at 12:56 PM

click to enlarge PHOTO VIA DISNEY
  • Photo via Disney
Walt Disney Co., one of many companies that now believe everyone should pay them $20 a month, witnessed a 5 percent drop in stock last night following the announcement that it would end its distribution agreement with Netflix to start its own streaming service.

Stocks for Disney (NYSE: DIS) opened Wednesday morning at $100.71 a share, falling from $106.98 at Tuesday's night's closing bell. While I'm writing this, the stock has risen just over the $102 mark, which is still slightly less than a 5 percent dip.



Tuesday evening, Walt Disney Co. released a statement stating that it intends to end its multi-year partnership with Netflix in 2019 and begin streaming their movies from their own platform beginning next year. Disney also announced a new ESPN streaming service.

Also outlined in this deal was a $1.58 billion purchase of a majority stake in BAMTech, a marketing and direct-to-consumer streaming company.

Pricing for Disney's new streaming services has not been announced.

Tags: , ,

We welcome readers to submit letters regarding articles and content in Orlando Weekly. Letters should be a minimum of 150 words, refer to content that has appeared on Orlando Weekly, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.

Email us at feedback@orlandoweekly.com.

Support Local Journalism.
Join the Orlando Weekly Press Club

Local journalism is information. Information is power. And we believe everyone deserves access to accurate independent coverage of their community and state. Our readers helped us continue this coverage in 2020, and we are so grateful for the support.

Help us keep this coverage going in 2021. Whether it's a one-time acknowledgement of this article or an ongoing membership pledge, your support goes to local-based reporting from our small but mighty team.

Join the Orlando Weekly Press Club for as little as $5 a month.

Newsletters

Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

Read the Digital Print Issue

June 16, 2021

Calendar

© 2021 Orlando Weekly

Website powered by Foundation