Disney is leaving Netflix to start its own streaming service

Disney announced Tuesday that it's dumping Netflix. In 2019, Disney will end its streaming deal with Netflix as it launches its very own streaming service later that year.

Disney and Netflix struck their deal back in 2012, though The Verge noted it "only kicked into effect last year." It appears Netflix will retain the Disney movies that it already has in its repertoire, though it won't get any more movies once the deal ends.

Disney's new streaming service will host its latest movies, starting with its planned 2019 releases like Frozen 2 and Toy Story 4, and Disney said it also intends to make a "significant investment" in developing movies and TV programs exclusive to its streaming platform. The platform will be based on technology developed by BAMTech — a video company founded by MLB — in which Disney announced Tuesday it is acquiring a majority stake.

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In addition to its theatrical streaming service, Disney in 2018 will launch an ESPN streaming service.