LOS ANGELES: Walt Disney Co, whose film unit said it will lose money in the fourth quarter, raised US$505mil from investors to reduce the risk of financing movies, the first time it has done so in almost a decade.
The venture would cover 40% of the production and distribution costs for about 32 films over the next four years, said Natacha Rafalski, vice president of corporate finance at Burbank, California-based Disney. The partnership will share 40% of the profits, including box-office and video sales.
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