Disney buys MLB's stake in streaming firm BAMTech for $900M
BAMTech provides the streaming platform for such entities as Worldwide Wrestling Entertainment and Warner Bros Discovery Inc's HBO
Disney CEO Bob Iger vows to 'quiet things down' politically in first town hall after rejoining company
Iger shared his vision for the company in his first town hall after coming out of retirement.
Walt Disney Co disclosed on Tuesday that it has taken full control of BAMTech, a video-streaming firm spun off from Major League Baseball's digital media company MLB Advanced Media.
Disney earlier this month purchased the remaining stake in BAMTech from Major League Baseball for $900 million, the company said in a SEC filing.
Previous to the transaction, streaming technology services provider BAMTech was owned 85% by Disney and 15% by Major League Baseball (MLB).
Apr 3, 2022; Arlington, TX, USA; Omos (black attire) and Bobby Lashley (red/black pants) wrestle during WrestleMania at AT&T Stadium. BAMTech provides WWEs streaming platform. (Joe Camporeale-USA TODAY Sports / Reuters Photos)
BAMTech and MLB did not immediately respond to Reuters request for comment.
AFTER DISNEY MOVIE BOMBS, FILM CRITIC TELLS HOLLYWOOD ‘GO WOKE, GO BROKE’
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 112.61 | +0.18 | +0.16% |
Disney back in 2016 began the process to acquire BAMTech by buying a 33% stake for $1 billion to allow it to sell more content directly to consumers.
BAMTech provides the streaming platform for such entities as Worldwide Wrestling Entertainment and Warner Bros Discovery Inc's HBO.
James Cromwell attends the HBO's "Succession" Season 3 Premiere at American Museum of Natural History on October 12, 2021 in New York City (Arturo Holmes / Getty Images)
DISNEY CEO BOB IGER TELLS EMPLOYEES HE WANTS TO ‘QUIET’ DOWN CULTURE WARS, ‘RESPECT’ THE AUDIENCE
Disney, which has been expanding into multimedia services, said it will take full control of Hulu service in a deal with Comcast Corp, as it vies for a bigger piece of the global video streaming market dominated by companies such as Netflix Inc.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CMCSA | COMCAST CORP. | 40.24 | +0.62 | +1.56% |
| NFLX | NETFLIX INC. | 555.04 | -55.52 | -9.09% |
Streaming service provider Hulu is owned 67% by Disney and 33% by NBC Universal (NBCU).
Disney said last week that Bob Iger is returning to the company as chief executive less than a year after he retired, a surprise comeback that coincides with the entertainment company's attempt to boost investor confidence and profit at its streaming media unit.
FILE PHOTO: Toy figures of people are seen in front of the displayed Hulu logo, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration (REUTERS/Dado Ruvic/Illustration / Reuters Photos)
Iger said on Monday one of his top priorities is to make the company's streaming business profitable.
CLICK HERE TO GET THE FOX BUSINESS APP
Disney on Tuesday said the company anticipates organizational and operational changes that could result in impairment charges in the coming months. Disney said Iger's mandate is to put the company on the path for renewed growth.