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Photo: Mike Kemp/Getty Images.

Disney CEO Bob Iger finally announced details for the long-awaited Disney streaming bundle that executives have been teasing for months. The bundle is meant to be an alternative to Hollywood rival Netflix.

Details: For $12.99 monthly, consumers can access Disney+, ESPN+ and the ad-supported version of Hulu. The deal will be available when Disney+ launches on Nov. 12. The combined package will be cheaper than Netflix's premium package, which is $13.99 a month.

Driving the news: The update came as Disney executives walked investors through the high-level results of its third quarter earnings, which missed investor expectations.

  • The company's massive success at the box office last quarter wasn't enough to save the entertainment giant from an earnings and revenue loss. The entertainment giant's stock price fell roughly 5% in after-hours trading Tuesday.

Be smart: It was the first full quarter that Disney reported earnings after acquiring much of 21st Century Fox in March.

The big picture: Investors had high hopes for Disney ahead of earnings, with many expecting the company to report high top-line growth in response to major successes at the box office and high attendance at its domestic theme parks over Memorial Day weekend.

  • Yes, but: Operating costs were high and cut into the company's profit margins. This was largely a result of investments Disney made in its new streaming products and paying down its 21st Century Fox acquisition.

Our thought bubble: Tuesday's report sent a message to investors that if Disney's bet on streaming doesn't pan out, its traditional businesses may not be enough to protect the company from long-term industry changes.

What's next: Executives said they expect operating losses to continue to widen next quarter due to more investments in its streaming products.

Go deeper

Biden says he'll make Supreme Court pick by end of February

President Biden speaks on the retirement of Supreme Court Justice Stephen Breyer in the Roosevelt Room of the White House. Photo: Yuri Gripas/Abaca/Bloomberg via Getty Images

President Biden on Thursday said he will announce the nominee for Supreme Court Justice Stephen Breyer's replacement by the end of February.

Driving the news: Biden also affirmed that he will nominate a Black woman to replace Breyer, saying "it's long overdue."

Stephen Breyer formally announces retirement from Supreme Court

Photo: Andrew Harnik/AP

Justice Stephen Breyer on Thursday sent a letter to President Biden formally announcing his retirement from the Supreme Court.

State of play: Breyer said his retirement will take effect when the court "rises for the summer recess (typically late June or early July) assuming that by then my successor has been nominated and confirmed."

COVID created an epic U.S. trade gap

Chart: Axios Visuals. Data: Census Bureau/Bureau of Economic Analysis

The details of the blockbuster fourth quarter GDP report released Thursday morning tell a vivid story of how the underpinnings of the world economy have been reshaped by the pandemic.

One example: In the arithmetic around U.S. economic output, trade acted as a more severe drag last year than it has in a generation.