Walt Disney Invests $1.5 Bln In Epic Games

(RTTNews) - Walt Disney Company (DIS) announced on Wednesday that it will buy a stake in Epic Games for $1.5 billion.

The transaction is subject to customary closing conditions, including regulatory approvals.

Disney and Fortnite maker Epic Games said they will collaborate to build an "expansive and open games and entertainment universe."

"Our exciting new relationship with Epic Games will bring together Disney's beloved brands and franchises with the hugely popular Fortnite in a transformational new games and entertainment universe," said Robert Iger, Chief Executive Officer, The Walt Disney Company. "This marks Disney's biggest entry ever into the world of games and offers significant opportunities for growth and expansion. We can't wait for fans to experience the Disney stories and worlds they love in groundbreaking new ways."

"Disney was one of the first companies to believe in the potential of bringing their worlds together with ours in Fortnite, and they use Unreal Engine across their portfolio," said Tim Sweeney, CEO and Founder, Epic Games. "Now we're collaborating on something entirely new to build a persistent, open and interoperable ecosystem that will bring together the Disney and Fortnite communities."