Disney announces 'pause' on all business in Russia
The move comes after Disney suspended theatrical releases in the country
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Disney announced on Thursday it will be pausing all business in Russia after the company suspended film releases in the country last week.
The company will be pausing content and product licensing, Disney Cruise Line business, National Geographic magazine and tours, as well as local content production, according to a press release.
"Given the unrelenting assault on Ukraine and the escalating humanitarian crisis, we are taking steps to pause all other businesses in Russia. This includes content and product licensing, Disney Cruise Line activities, National Geographic magazine and tours, local content productions and linear channels," a spokesperson for the Walt Disney Company said.
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A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. (Reuters/Brendan McDermid / Reuters Photos)
The move comes two weeks after Russian President Vladimir Putin announced an invasion into Ukraine, starting a war that has taken the lives of at least 549 people, according to the United Nations.
While some Walt Disney Company business in Russia will pause immediately, others, such as linear channels and content and licensing production will take time due to "contractual complexities," the spokesperson said.
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The company's employees in Russia will remain employed, according to the spokesperson, adding that it will work with NGO partners to provide aid to refugees.
Deadline reported that the Russian box office made more than $445 million in 2020, but has historically been higher, making around $13 billion in 2013, according to the report.
Disney is the latest company suspending business in Russia, as many entertainment companies have made similar moves in recent weeks.
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Disney Magic cruise ship at the coast of Grand Cayman (iStock)
Sony Pictures announced last week that it is pausing all theatrical releases in Russia, which includes "Morbius."
"Given the ongoing military action in Ukraine and the resulting uncertainty and humanitarian crisis unfolding in that region, we will be pausing our planned theatrical releases in Russia, including the upcoming release of Morbius. Our thoughts and prayers are with all those who have been impacted and hope this crisis will be resolved quickly," a spokesperson for Sony told Fox Business.
FOX Business' Michael Ruiz contributed to this report