CBS  (CBS) - Get Report moved Tuesday to bolster content on the media giant's streaming network with a deal to broadcast Champions League matches, one of the world's top soccer events.

On their quarterly earnings call, CBS executives said they had snapped up the broadcast rights for the UEFA Champions League, in which the top European soccer clubs battle it out for the title.

The games will be broadcast on CBS All Access, the media company's subscription streaming service, starting in 2021 and should reduce the level of churn for the streaming service, the company said.

The high-profile sports broadcasting deal will be a first for CBS' All Access streaming service, which has been best known to date for series like "Star Trek" and "The Twilight Zone."

In a third-quarter earnings call with analysts, acting CEO Joe Ianniello said CBS "couldn't be more pleased" in landing the deal amid what he called a "hotly contested" bidding process.

Competitors reportedly included NBC Universal, Fox and ESPN.

The deal comes as CBS ramps up spending on its streaming operations after lagging competitors in an increasingly higher-competitive field. 

Raising the stakes, Disney (DIS) - Get Report launched its Disney+ streaming operation on Tuesday, though its debut was marred by service outages which the entertainment giant was scrambling to fix.

CBS reported a 21% drop in third-quarter adjusted net income to $581 million, down from $736 million, with the media company noting it had boosted spending on a "higher number of series produced for multiple platforms," in addition to media company's "direct-to-consumer streaming services."

The pending merger with Viacom (VIAB) - Get Report should give CBS a big content boost, a critical element in the streaming wars, with access to shows and videos from MTV, Comedy Central and Nickelodeon.

Despite the news, shares of CBS fell Tuesday, with the media company's revenue for the third quarter having fallen short of analyst estimates.

"We are building great momentum as we near our merger with Viacom and head into 2020," said Joe Ianniello, president and acting CEO of CBS, in a press statement.

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