CARY, North Carolina -- Disney CEO Bob Iger announced during the company's earnings call Wednesday that it would invest $1.5 billion in Epic Games.
Epic Games is the studio behind the popular online game Fortnite.
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Disney has worked with Epic Games in the past to incorporate playable characters into Fortnite.
Iger said Disney plans to work with Epic Games to create a new virtual reality universe as well as new games and entertainment incorporating more characters and stories from Disney, Pixar, Marvel, Star Wars, and other company properties.
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This announcement comes on the heels of Iger announcing that Disney had exceeded earnings expectations.
Disney's stock shot up in aftermarket trading.
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