Disney is investing $1.5 billion for a stake in Epic Games, CEO Bob Iger said Wednesday, in its biggest bet yet on the gaming space.
"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 Iger in a statement.
Disney did not say what the valuation of Epic, a private company, would be after the Disney funding.
"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."
Aside from Fortnite, Epic Games is well-known for challenging Apple and Google in court to force them to lower their app store fees.
Persons:
Bob Iger, Disney, Iger, Fortnite, Tim Sweeney, Sweeney, Kif Leswing
Organizations:
Disney, Epic Games, Pixar, Marvel, Star Wars, Star, Lego, Harmonix, Apple, Google, CNBC PRO
Locations:
Fortnite