The Walt Disney Company announced plans on Tuesday to acquire a majority stake in BAMtech, a technology and video streaming company previously owned by MLBAM, for $1.58 billion.
As part of the deal, Disney said it will launch an ESPN-branded multi-sport video streaming service in early 2018 and a new Disney-branded direct-to-consumer Netflix-like streaming service in 2019.
Disney’s purchase increases its stake in BAMtech by 42 percent, lifting its total stake to 75 percent. The company previously held a 33 percent stake in the company under an agreement that included an option to acquire a majority stake over several years.