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Netflix Just Dropped $8 Billion in Market Value on Disney+ News

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Jon Klein, chief president at Vilynx, talks about the new Disney+ streaming service.Daybreak: Americas." (Source: Bloomberg)

Netflix Inc. lost as much as $8 billion in market capitalization in a few minutes of trading on Walt Disney Co.’s news of its upcoming -- and cheaper -- rival streaming service.

Disney unveiled details of the service on Thursday after the close, saying it would launch Nov. 12 at a price of $7 a month or $70 a year. That undercuts Netflix, whose most popular U.S. plan costs about $11 a month.