With the first episode of the Walmarts latest animated series The Lastman on Earth airing on Walmart television on Monday, the WalMart brand has taken the plunge into a new era with the acquisition of The Walmart Entertainment Group (TGWG), a media and entertainment company founded in 2014 by the late John Malone.TGWB’s acquisition, which will bring it into a joint venture with the Disney (DIS) studio Marvel Studios, comes after Disney’s recent takeover of Walt Disney Studios.
The acquisition of TGWG will allow Disney to create an international TV and film content empire with studios in Asia, Europe, the Middle East, Africa and beyond, with the intent of building a global entertainment empire with its iconic brands such as The Walt Disney World Resort and Disney Parks.
TGWB and Disney’s global brands will continue to operate independently of each other, but TGWH will continue with a joint portfolio.TPG will also retain its ownership of the Disney Channel, which has expanded into a global network that currently has around 2.5 million subscribers.
The TGWI deal comes amid an ongoing battle between Disney and Hulu, which recently agreed to a $3 billion purchase by the latter.
In addition to the acquisition, TGWP will also acquire the rights to Hulu’s popular original series including Orange Is the New Black, The Real O’Neals, Orange Is The New Black: Real Housewives of Orange County and Orange Is Dead.
While the deal was announced last week, Disney’s parent company Disney-ABC said that the deal will be finalised in the coming days.”TGWI and Disney will become a one-stop shop for the content creators and publishers, including Hulu, to deliver cutting-edge entertainment and storytelling across all platforms,” the Walt Disney Company said in a statement.
The deal is expected to close in the fourth quarter of 2021.