Disney to Take $1.5 Billion Stake in 'Fortnite' Studio Epic Games, Will Create New Content
Disney announced it will be investing $1.5 billion into Epic Games, the studio behind the massively popular free-to-play cross-platform game “Fortnite,” on Wednesday. The deal marks the company’s biggest investment in gaming to date.
As part of this investment, the two companies will work together to make new games as well as a “Disney universe.”
Warner Music to Lay Off 600 Staffers by Fall as Company Exits Digital Media, Including Uproxx
Warner Music is going to offload its owned and operated digital media, including Uproxx, CEO Robert Kyncl told staff in a memo sent Wednesday, the day before the company releases its earnings report.
The biggest percentage of the layoffs will affect the company’s owned and operated media properties, including entertainment websites Uproxx and HipHopDX.
Disney Cuts Streaming Losses While Q1 Revenue Stays Flat at $23.5 Billion
Disney reported flat revenues and a further slide in Disney+ subscriber counts for its first quarter of the 2024 fiscal year as CEO Bob Iger fights to stave off an activist investor movement led by Nelson Peltz.
But despite that, the company still saw a big bump in afterhours trading, rising by 6.5% at time of writing.
Discover why entertainment executives and professionals rely on the WrapPRO platform daily for exclusive coverage, analysis, deeper reporting, and access to VIP events & screenings throughout the year.
|