Netflix (NFLX - Get Report)  fell more than 4% in Wednesday premarket trading after Walt Disney Co. (DIS - Get Report)  said it would pull its content from the streaming service. 

Netflix was marked 4.06% lower in premarket trading, indicated to open at $171.11, after closing at $178.36 before Disney made the announcement. Shares were on track for their worst fall since the end of June. Netflix has gained 14% over the past three months.

In a series of announcements Tuesday, Disney said that it was planning to develop its own streaming service to sell its television shows, movies and sporting events directly to consumers.

Disney's licensing deal with Netflix expires in 2019. Netflix on Tuesday said that subscribers would have access to Disney films through the end of 2019 and that it will continue to license content from Marvel TV.

Disney is responsible for roughly 30% of all Netflix viewing in the U.S., Bloomberg reported, citing a company executive.

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