Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Disney Reportedly Halts Game Development At Lucasfilm Division

RELATED NEWS
Trade DIS now with 

Entertainment giant Walt Disney Co. (DIS: Quote) has decided to halt video game development at its Lucasfilm division, reports said Wednesday.

The business was acquired by Disney last year from its founder director George Lucas for about $4 billion. The latest decision is part of the company's efforts to cut costs.

The company's video game unit LucasArts, established in 1982, will now focus on a licensing model instead of internal development. The unit's catalog included "Lego Star Wars" and "Star Wars Battlefront."

Disney expects this change to minimize the company's risk ''while achieving a broader portfolio of quality 'Star Wars' games.''

The number of jobs being affected are not known. The company employs over 1,800 staff. However, according to a report, around 150 employees have been laid off and current projects have been abandoned.

DIS closed down 0.4 percent at $57.25 on Tuesday.

Click here to receive FREE breaking news email alerts for Walt Disney Co and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Swiss drug maker Roche Holding said a late-stage trial of its breast cancer drug Kadcyla did not provide superior results compared with an existing therapy. FCA US, until recently known as Chrysler, said Friday it is recalling 257,000 Dodge Ram pickups. The auto maker says the rear axle pinion nut on certain model year 2005 Dodge Ram 1500 trucks may loosen due to an undersized spline on the pinion gear. If the pinion nut loosens, the rear axle may... This medical device company has a very impressive track record of growing business over the past decade. increasing sales from $490.2 million in 2004 to $1.72 billion this year. The Silicone Hydrogel daily disposable lens portfolio constitutes a major avenue for growth.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.