Disney, Sony ink deal for licensing rights worth $3 billion

Allie Balcomb, Reporter

Disney Studios has set up a deal with Sony, acquiring movie licensing rights for films such as Spider-man and other Marvel types to be on their platform Disney+.

However, Variety reported this deal includes benefits for other programming networks. Sony is expected to rake in about $3 billion in movie licensing over the span of the agreement.

Chuck Saftler, the head of business operations for ABC, Freeform, FX Networks and Acquisitions for Disney’s Media and Entertainment Distribution said, “This is a win for fans, who will benefit from the ability to access the very best content from two of Hollywood’s most prolific studios across a multitude of viewing platforms and experiences.”

This agreement is set in hopes to expand the industry’s distribution of film and television across a wide variety of platforms in order to maximize value, reach different audiences and become available for a larger number of viewers.

The president of worldwide distribution and networks for Sony Pictures Entertainment, Keith Le Goy, noted that the deal was groundbreaking and reflected the studio’s focus on getting its movies distributed as widely as possible, setting a standard for a new area TV exhibition and what is to come.