Disney, Fox reject claims in $1b Malaysia theme park lawsuit filed by Genting

Photo: Multa Media/unsplash

Walt Disney Co and Twenty-First Century Fox Inc on Tuesday rejected claims in a Malaysia casino operator’s lawsuit accusing them of abandoning a licensing contract tied to the planned construction of a Fox-brandedtheme park.

Disney and Fox said Genting Malaysia Bhd’s respective claims against them were “without merit.”

Genting shares fell 16.7 percent on Tuesday, a day after the Kuala Lumpur-based company sued the American media and entertainment companies in Los Angeles for more than $1 billion. The decline came before Disney and Fox issued their statements.

According to the complaint, Fox Entertainment Group, under pressure from Disney, breached a 2013 contract to license its intellectual property for a planned theme park at the Resorts World Genting complex, an hour’s drive from Kuala Lumpur,Malaysia‘s capital.

Genting blamed Fox for years of delays, and said Disney, which is buying many Fox assets for $71.3 billion, wanted to back out altogether because partnering with a gaming company did not fit its “family-friendly” brand strategy.

The complaint also said Fox issued a default notice in a manner consistent with Disney wanting to “kill the deal.”

Twentieth Century Fox Film, one of the defendants, rejected that allegation. “The allegation that Disney, rather than Fox, finally decided to declare a default is simply made up,” a spokesman said.

Genting said more than 23 million people annually visit Resorts World Genting, which includes a casino, seven hotels, shopping malls, performance venues, gondola lifts and scores of restaurants, bars and clubs.

The case is Genting Malaysia Bhd v Fox Entertainment Group LLC et al, U.S. District Court, Central District of California, No. 18-09866.

Reuters

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.