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February 25, 2024

Legal News

February 25, 2024

Disney Makes $1.5B Gaming Bet

Disney is expanding its presence in the gaming industry by investing $1.5 billion in Epic Games, the developer behind "Fortnite," with plans to develop new content. In addition to this move, the entertainment giant reported stronger-than-anticipated earnings for the most recent quarter, attributing the success to substantial cost reductions, robust revenue from its international theme parks, and significantly diminished streaming losses.

Disney noted that streaming losses amounted to $138 million for the December quarter, representing a notable improvement from the nearly $1 billion loss recorded a year prior. The company anticipates a 20% increase in profits thanks to the implemented cost-cutting measures.

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