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News on Medial
Disney's investment in Epic Games signals the company has to 'be there'
Reuters
·
1y ago
Medial
Disney CEO Bob Iger announced a $1.5 billion investment in Epic Games, the company behind popular video game Fortnite. This move aims to allow consumers to interact with Disney's characters and stories within the game. Iger recognized the significant amount of time young generations spend on gaming, and Disney wants to be present in a compelling way. The CEO of Epic Games, Tim Sweeney, has always envisioned incorporating Disney's characters into Fortnite. This investment is seen as a strategic move for Disney to extend its brand awareness and engage consumers.
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Disney's Epic deal shows sharp cut in Fortnite maker's valuation
Reuters
·
1y ago
Medial
Walt Disney's $1.5 billion investment in Epic Games values the gaming company at $22.5 billion, a significant drop from its valuation of $31.5 billion in 2022. Disney will now hold a 9% stake in Epic Games, enabling the two companies to create a vast Disney universe for consumers to interact with characters from various franchises. This move marks Disney's largest entry into the gaming industry and signals opportunities for growth and expansion.
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With Disney's magic, Fortnite is poised to win the metaverse | TechCrunch
TechCrunch
·
1y ago
Medial
Epic Games and Disney are partnering to create an "entertainment universe" within the metaverse, utilizing Epic's technology and Fortnite's social gaming ecosystem. Disney has invested $1.5 billion for a stake in Epic, signaling a long-term collaboration. The partnership aims to bring Disney's vast intellectual property to life within Fortnite, expanding the game into more than just a battle royale. This move positions Epic Games as a dominant player in the emerging metaverse space.
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Disney answers activists with gaming investment, ESPN streaming plans
Reuters
·
1y ago
Medial
Walt Disney CEO Bob Iger has announced a $3 billion share repurchase program and a 50% increase in dividends, after activist investors pressured the company. The CEO also revealed plans for a significant investment in "Fortnite" maker Epic Games to create a "huge Disney universe" where characters from Disney, Pixar, Marvel, Star Wars, and Avatar can interact. Additionally, Disney plans to launch an ESPN streaming service in 2025, in a bid to attract sports fans who don't want to sign up for cable or satellite packages. Disney's stock rose nearly 7% in after-hours trading.
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Apple Crushes Epic’s App Store Dreams Over the CEO’s Petty Tweets
Gizmodo
·
1y ago
Medial
Apple has terminated Epic Games' developer account, preventing the company from creating its own Epic Games Store for iOS. This response came after Epic Games' CEO, Tim Sweeney, criticized Apple's unfair practices on Twitter. Sweeney called out Apple's monopoly in app stores, digital payments, and browsers, questioning the company's core values. Apple cited Sweeney's tweet as the reason for blocking the Epic Games Store. The termination of Epic Games' account is seen as retaliation by Apple, sparking concerns about Apple's exercise of power over developers.
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Is the Apple antitrust suit a silver lining for Epic Games?
TechCrunch
·
1y ago
Medial
The Department of Justice (DOJ) and seventeen state attorneys general have filed a lawsuit against Apple, accusing the company of monopolistic practices in the smartphone industry. Although not explicitly named, the lawsuit aligns with the complaints made by Epic Games against Apple's iOS App Store. Epic Games has long criticized Apple's 30% revenue cut from in-app purchases and the lack of sideloading apps on iPhones. The Coalition for App Fairness, which includes Epic Games and Spotify, has issued a statement supporting the DOJ's action. This lawsuit follows previous legal battles between Apple and both Epic Games and Spotify.
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Disney surpasses earnings expectations, projects strong profit outlook
Livemint
·
1y ago
Medial
The Walt Disney Co. has reported better-than-expected earnings for its fiscal first quarter, with earnings per share of $1.22. The strong performance of its international theme parks and cost-cutting measures contributed to the positive results. However, revenue of $23.5 billion fell short of estimates due to struggles in Disney's TV business and underperforming theatrical releases. The company expects profits to rise at least 20% this year and has raised its dividend by 50% and approved a $3 billion stock repurchase program. Disney's streaming service subscribers fell short of projections but losses in streaming decreased. International parks experienced significant growth while the traditional media and film divisions continued to struggle. Disney is also acquiring a $1.5 billion stake in Epic Games Inc., the maker of the popular Fortnite game.
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Apple unbanned Epic so it can make an iOS games store in the EU
The Verge
·
1y ago
Medial
Epic Games has announced that Apple has reinstated its developer account, bringing the company one step closer to opening its iOS games store in the European Union. This comes after a lengthy legal battle between Epic and Apple over the use of in-app payments in Fortnite. The EU's implementation of the Digital Markets Act has forced Apple to open up its iOS ecosystem to third-party app stores. Epic Games plans to open its iOS storefront in the EU this year, however, developers remain critical of Apple's new policies.
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Apple reverses decision to ban Epic Games from having its own app store
Business Insider
·
1y ago
Medial
Apple has reversed its decision to not allow Epic Games to have its own app store on iOS in Europe. This comes after the European Union threatened to investigate the ban. Epic Games, the creator of Fortnite, has been fighting against Apple and Google's control over in-app purchases. The European Commission's implementation of the Digital Markets Act further supports the need for competition in the app store industry. Apple reinstated Epic Games' account and agreed to new EU-focused policies. Epic Games also has an ongoing lawsuit against Google regarding the Google Play store's payment system.
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Another Google antitrust battle reaches court in Epic Games case
Economic Times
·
1y ago
Medial
Google is facing another legal battle as Epic Games takes the company to court over an antitrust lawsuit. Epic Games claims that Google is violating antitrust laws by using its dominant power over app developers on the Google Play Store. The game developer had tried to circumvent the Play Store's fees by allowing direct in-app purchases, prompting Google to remove Fortnite from the store. If Epic Games is successful, Google could be forced to change its Play Store rules and allow competing app stores. These lawsuits add to the challenges Google faces as regulators and competitors target its influence in the tech industry.
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Epic Games just got unbanned by Apple — again
The Verge
·
1y ago
Medial
Epic Games can now proceed with opening its iOS app store in the European Union after Apple reversed its decision to revoke the game publisher's developer license. The decision came after an inquiry from the European Commission. Apple has confirmed that it will reinstate Epic Games' developer account as they have committed to follow the Digital Markets Act policies. The European Commission claims credit for the reversal and sees it as a victory for their efforts in challenging Apple's actions. Epic Games will now move forward with launching the Epic Games Store and Fortnite on iOS in Europe.
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