Disney has decided to enter the streaming service game with plans to launch its own branded service in 2019. In light of this decision, the studio will pull its catalog of feature films from Netflix. Nevertheless, according to a statement Disney CEO Bob Iger made to CNBC, Disney had a "good relationship" with Netflix.
Disney will also look to make a "significant investment" in original movies and series that will only be available on the platform. To power this new venture, Disney bought a 33% stake in BAM Tech for $1.58 billion.
"This represents a big strategic shift for the company," Iger said. "We felt that having control of a platform we've been very impressed with after buying 33% of it a year ago would give us control of our destiny."
According to the report, Marvel's slate of TV shows will remain on Netflix.
Netflix's current stock of Disney movies includes Marvel films such as Captain America: Civil War and Doctor Strange. The current deal between both companies sees films arriving on Netflix roughly eight months after the theatrical release, though this will conclude at the end of 2018.
This follows on the heels of yesterday's announcement that Netflix has bought the comic book imprint Millarworld, founded by writer Mark Millar, with plans to develop the properties for film and television. Millarworld will continue to publish new stories under the Netflix banner.