ESPN streaming service details confirmed

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Disney CEO Bob Iger

This means that ESPN Plus won't offer streaming access to ESPN channels, but rather to additional games and events that wouldn't otherwise be broadcast.

Burbank, California-based Disney's first-quarter profit surged to $4.42 billion or $2.91 per share from $2.48 billion or $1.56 per share past year.

The media and entertainment giant posted adjusted earnings per share of $1.89 and revenue of $15.35 billion. It has agreed to pay $52bn to buy film, TV and global assets from Rupert Murdoch's Twenty-First Century Fox. The Wall Street consensus estimate had projected revenue of $15.45 billion, according to Thomson Reuters. Within the same app, consumers would need to be pay TV subscribers to access ESPN television networks on an authenticated basis.

On the bright side, Disney's Parks and Resorts revenue rose by 13% to US$5.2 billion.

Adjusted EPS does not include a $1.6 billion benefit related to recent changes in US tax law and certain other one-time items.

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Although you can now access ESPN's content through skinny TV streaming services like Sling TV, which allow you to purchase add-on sports packages, Disney's new ESPN streaming service would mark the first time the broadcaster has been available through an independent, multi-sport, Disney-owned service that doesn't have any licensing limitations and isn't tied to a third party like Sling TV.

On the studio side, revenue dropped by 1% and operating income decreased by 2% due to slower home video sales of Cars 3, compared to the previous year's Finding Dory.

Both streaming direct-to-consumer products will be powered by BAMTech. "If anything points to what the future of ESPN looks like, it will be this app and the experience that it provides", said Disney CEO Bob Iger Tuesday on a conference with investors.

The company also announced it was expanding its "Star Wars" universe, hiring the creators of HBO hit "Game of Thrones", David Benioff and D.B. Weiss, to write and produce a new series of films set in the galaxy far, far away.

Consumer products and interactive media reported a 2 percent decline in revenue and 4 percent fall in operating revenue. The streaming service will be priced at $4.99 per month, Iger said. Disney last month gave about 125,000 US employees a one-time $1,000 bonus and announced plans to put $50 million toward helping hourly employees with tuition expenses.

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