- Walt Disney Co. announces a $1.5 billion equity stake investment in Epic Games to create a "persistent universe," aligning with metaverse aspirations.
- The move comes less than a year after Disney closed down its own metaverse division.
- The multiyear project aims to create a game experience interoperable with Epic's chief game, Fortnite, allowing interaction with content, characters, and stories from Disney's portfolio.
- Disney CEO Bob Iger refers to this collaboration as the company's "biggest entry ever into the world of games."
- The project will utilize Epic's Unreal Engine, enabling players and fans to create their own stories and experiences, although no launch date is confirmed.
- This move into the metaverse comes despite Disney shutting down its metaverse unit in March 2023 to cut operating expenses.
- Disney's Q4 2023 earnings announcement reveals $23.6 billion in revenue, slightly surpassing analysts' expectations.
- Disney's share price jumps nearly 7% in after-hours trading, exceeding $105.
