five-year distribution agreement signed in June 1986, encompassing films released between January 1987 and December 1992; the estimated cost of the initial pay-cable rights were between $300 million and $600 million, depending on the overall performance of Warner's films and HBO/Cinemax's respective subscriber counts. Although the Warner deal was initially non-exclusive, a preemptive strategy in the event that its co-owned rivals Showtime and The Movie Channel (which elected not to pick up any spare Warner titles) sought full exclusivity over movie rights, the terms gave Warner an option to require HBO to acquire exclusive rights to titles covered under the remainder of the deal for $60 million per year (in addition to a guaranteed $65-million fee for each year of the contract). As a result of the 1989 Time-Warner merger, HBO and Cinemax hold pay-cable exclusivity over all newer Warner Bros. films for the duration of their joint ownership. 20th Century Fox first signed a non-exclusive deal with HBO in January 1986, covering Fox films released between 1985 and 1988, along with a production co-financing agreement involving HBO original programs; the pact transitioned to an exclusivity arrangement with the 1988 renewal. The first-run film output agreement with Fox was renewed by HBO for ten years on August 15, 2012 (with a provision allowing the studio to release its films through digital platforms such as iTunes and Amazon Video during the channel's term of license of an acquired film for the first time). While The Walt Disney Company completed its acquisition of 20th Century Fox in March 2019, Disney maintains an output deal with its in-house streaming services Disney+ and Hulu for films produced and/or distributed by Walt Disney Studios Motion Pictures and its subsidiaries (which have not distributed their films over a traditional pay-cable service since the studio's agreement with HBO rival Starz ended in 2015). Disney continued to honor the output deal with HBO until November 2021, when WarnerMedia and Disney announced that the deal would be expanded to the end of 2022, with an amendment that will allow half of 20th Century Studios' 2022 slate to be shared between HBO/HBO Max and Disney+ or Hulu during the pay-one window, beginning with Ron's Gone Wrong. HBO's relationship with Universal first began in March 1984, when it signed a six-year non-exclusivity deal with the studio; in April 1990, Universal elected to sign a deal with CBS for the licensing rights