NBCUniversal's new streaming service will be named "Peacock," the company announced Tuesday.

The ad and subscription-supported service will roll out in April with 15,000 hours of content including "The Office" and "Parks and Recreation." The Comcast-owned company said it would announce pricing details closer to the launch.

The name "Peacock" is an homage to NBC's colorful logo, the company said. With the name, NBCUniversal distinguishes its service from Disney and Apple's new streaming offerings, dubbed Disney+ and Apple TV+. Disney's new service will cost $6.99 per month or $69.99 for a full year, while Apple's will cost $4.99 per month for a family subscription. Both services are expected to launch in two months.

AT&T's WarnerMedia is also expected to launch its own streaming service in the spring at a subscription price of $15 to $18. The new services will have to compete with existing players including Netflix, Amazon and Hulu, of which Disney owns a stake.

As the space heats up, companies have been spending big to lock down popular shows. NBC announced in June that it will remove "The Office" from Netflix in 2021 so it could be a part of its own streaming lineup. The company will pay $100 million per year for the show for its exclusive five-year deal. The comedy was the most-watched show on Netflix in 2018, according to data from the analytics firm Jumpshot.

Just Monday, Netflix announced it snagged "Seinfeld," a key addition to its comedy slate as it soon faces the loss of "Friends" in addition to "The Office." The company previously said the loss of the two popular shows would free up its budget for more original content. On Tuesday, The Hollywood Reporter wrote that WarnerMedia struck a five-year deal stream "The Big Bang Theory," citing sources familiar with the situation.

Other titles on "Peacock" will include a reboot of "Saved by the Bell," the original drama "Dr. Death," based on the true-crime podcast, and a new original talk show series with Jimmy Fallon, according to the company. The service will feature over 3,000 hours of content from the Spanish-language network Telemundo, including existing and new titles.

Disclosure: NBCUniversal is the parent company of NBC and CNBC.

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