Shares in Walt Disney Co. surged Friday a day after the company announced the start date of its new streaming service and its future streaming plans.
The Burbank media and entertainment giant will launch its Disney+ streaming service on Nov. 12 at a cost of $6.99 a month. In addition to content from Disney, Pixar, Marvel, “Star Wars” and National Geographic, the service will also release 25 original series and 10 original films, documentaries and specials.
Chief Executive Robert Iger called Disney+ a bold step forward for the company.
“We are confident that the combination of our unrivaled storytelling, beloved brands, iconic franchises, and cutting-edge technology will make Disney+ a standout in the marketplace, and deliver significant value for consumers and shareholders,” Iger said in a statement.
Iger spoke Thursday at an investor event on the studio’s Burbank lot. It also featured remarks from senior management, including from ESPN, Disney Media Networks, Disney Streaming Services and Hulu, the joint venture streaming site that Disney has a 60 percent stake in.
Shares of Disney on Friday closed up $13.46, or nearly 12 percent, to $130.06 on the New York Stock Exchange.
Mark Madler is a reporter with sister publication San Fernando Valley Business Journal, where this story first appeared.
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