Netflix shares took a small hit in after-hours trading Tuesday after The Walt Disney Company announced it would end its distribution agreement with Netflix for subscription streaming of new releases, starting with the 2019 calendar year theatrical slate.
Netflix shares were down $4.58 (2.57%) to $173.78 each at last check.
Disney said that deal was to come to an end as it pushes ahead with an aggressive plan to offer a wide range of direct-to-consumer services and a deal to nab a majority stake in BAMTech LLC, which will provide the streaming platform that will underpin those new OTT services.
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