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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

How extreme weather feeds inflation

Illustration: Annelise Capossela/Axios

This summer's extreme weather is having ripple effects that could raise food prices in the U.S. and disrupt diets around the world.

Why it matters: Climate scientists and food supply experts, like those at the Food and Agriculture Organization (FAO) in Rome, have long warned about the impact of human-caused global warming on prices, food shortages and hunger.

EA Sports is in expansion mode

EA Sports general manager Daryl Holt (left). Photo illustration: Annelise Capossela/Axios. Photos: EA Sports

The biggest player in sports video games has plans to get even bigger — on mobile, in football, maybe even with basketball again — EA Sports general manager Daryl Holt said in an exclusive interview with Axios.

Why it matters: Sports gaming doesn’t get much press, but it’s a surging market with increased competition and lots of players up for grabs.

Heat wave grips U.S. this week from coast to coast

Computer model projection from the GFS model showing an unusually hot airmass across the western and Central U.S. on Thursday, June 29, 2021. (Weatherbell.com)

A widespread heat wave has begun across the contiguous U.S., with at least 30 million people likely to see temperatures reach or exceed 100°F by the end of the week.

Why it matters: The hot weather, which comes courtesy of another heat dome building across the Southwest, Rockies and then sliding into the western Plains, will only aggravate drought conditions and worsen many of the western wildfires.