- By Mariko Oi
- Business reporter
Image source, Getty Images
Fortnite is one of the world’s most popular video games
Disney’s chief executive, Bob Iger, has announced a series of moves which he hopes will bring “significant growth” to the entertainment giant.
The plans include streaming an exclusive cut of Taylor Swift’s Eras Tour concert movie on Disney+.
The firm will also invest $1.5bn (£1.2bn) in Epic Games, the maker of the hugely popular video game Fortnite.
The deal means gamers will be able to interact with Disney, Pixar, Marvel, Star Wars and Avatar characters.
Together, the three US media giants own a wide range of sports rights including the FIFA World Cup, Formula 1, National Football League, National Basketball Association and Major League Baseball.
In its earnings report, the firm said its Disney+ streaming service shed 1.3 million subscribers following a price increase last October.
Disney also said it still expects the streaming business to reach profitability by September this year.
For the three months between October and December, the Disney reported $23.5bn in revenue, which was little changed from the same period a year ago.
Mr Iger also announced plans to buy back $3bn worth of shares from investors.
The company has been under pressure from activist investor Nelson Peltz.
The US billionaire has called for a shakeup of Disney to boost profits from its streaming business and improve the box office performance of its films.
Disney shares rose by more than 6% higher in extended trading in New York after the announcements.
Separately, Disney is facing a lawsuit from actress Gina Carano who was sacked in 2021 over a social media post in which she compared being a Republican to being a Jew during the Holocaust.
The lawsuit is being funded by Elon Musk, who made an open call on his platform X, formerly known as Twitter, for others to join the suit.
James Parker is a UK-based entertainment aficionado who delves into the glitz and glamour of the entertainment industry. From Hollywood to the West End, he offers readers an insider’s perspective on the world of movies, music, and pop culture.
