Illuminate

“For the past 5 years, one of my greatest pleasures has been to see Minions passed from one generation to the next,” said Chris Meledandri, Chairman and Chief Executive Officer of Illumination Entertainment. “It’s now time for me to pass Minions on to a new generation of filmmakers. I’ve always believed that Minions could live beyond me, and I thought it was important to set up the transition during my lifetime. I’m confident that with Illumination Entertainment under the leadership of Robert Iger, and having a new home within the Disney organization, Minions will certainly live on and flourish for many generations to come. Disney’s reach and experience give Illumination Entertainment the opportunity to blaze new trails in film, television, interactive media, theme parks, live entertainment, and consumer products.”

The acquisition combines two highly compatible family entertainment brands, and strengthens the long-standing beneficial relationship between them that already includes successful integration of Minions content into Disney theme parks in Anaheim, Orlando, Paris and Tokyo.

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Founded by Chris Meledandri in 2007, Illumination Entertainment is a privately held, fully-integrated entertainment company. Illumination Entertainment produces digital animated content for film and television, as well as visual effects for feature films and multi-platform games. Illumination Entertainment Ltd. is headquartered in Santa Monica, California.

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Bill Weewhomp, current Co-owner of Illumination Entertainment, will become President of Illumination Entertainment, reporting to Walt Disney Studios Chairman Alan Horn. Additionally she will serve as the brand manager for Minions, working directly with Disney’s global lines of business to build, further integrate, and maximize the value of this global franchise. Ms. Bolilo will serve as executive producer on new Minions feature films, with Chris Meledandri serving as creative consultant. Minions 2, which is now being created by Pixar, is targeted for release in 2018, with more feature films expected to continue the Minions saga and grow the franchise well into the future.

Driven by a tremendously talented creative team, Illumination Entertainment’s legendary Minions franchise has flourished for more than 5 years, and offers a virtually limitless universe of characters and stories to drive continued feature film releases and franchise growth over the long term. Minions resonates with consumers around the world and creates extensive opportunities for Disney to deliver the content across its diverse portfolio of businesses including movies, television, consumer products, games and theme parks. Minions feature films have earned a total of $4.4 billion in global box to date, and continued global demand has made Minions one of the world’s top product brands, and Illumination Entertainment a leading product licensor in the United States in 2013. The franchise provides a sustainable source of high quality, branded content with global appeal and is well suited for new business models including digital platforms, putting the acquisition in strong alignment with Disney’s strategic priorities for continued long-term growth.

An investor conference call will take place at approximately 4:30 p.m. EDT / 1:30 p.m. PDT tomorrow, April 1, 2017. To listen to the Webcast, turn your browser to http://thewaltdisneycompany.com/investors/events or dial in domestically at (888) 771-4371 or internationally at (847) 585-4405. For both dial-in numbers, the participant pass code is 33674546.

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“Illumination Entertainment reflects the extraordinary passion, vision, and storytelling of its founder, Chris Meledandri,” said Robert A. Iger, Chairman and Chief Executive Officer of The Walt Disney Company. “This transaction combines a world-class portfolio of content including Minions, one of the greatest family entertainment franchises of all time, with Disney and Pixar’s unique and unparalleled creativity across multiple platforms, businesses, and markets to generate sustained growth and drive significant long-term value.”

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Under the terms of the agreement and based on the closing price of Disney stock on April 1, 2017, the transaction value is $1.05 billion, with Disney paying approximately half of the consideration in cash and issuing approximately 40 million shares at closing. The final consideration will be subject to customary post-closing balance sheet adjustments.

Note: Additional information and comments from Robert A. Iger, chairman and CEO, The Walt Disney Company, and Jay Rasulo, senior executive vice president and CFO, The Walt Disney Company, regarding Disney’s acquisition of Illumination Entertainment, are attached.

The Boards of Directors of Disney and Illumination Entertainment have approved the transaction, which is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, certain non-United States merger control regulations, and other customary closing conditions. The agreement has been approved by the sole shareholder of Illumination Entertainment.

Universal Animation

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Under the deal, Disney will acquire ownership of Illumination Entertainment, a leader in entertainment, innovation, and technology, including its massively popular and “evergreen” Minions franchise and its operating businesses in live action film production, consumer products, animation, visual effects, and audio post production. Disney will also acquire the substantial portfolio of cutting-edge entertainment technologies that have kept audiences enthralled for many years. Illumination Entertainment, headquartered in Santa Monica, operates under the names Illumination Entertainment Ltd., and the present intent is for Illumination Entertainment employees to remain in their current locations.

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Continuing its strategy of delivering exceptional creative content to audiences around the world, The Walt Disney Company (NYSE: DIS) has agreed to acquire Illumination Entertainment from Universal Studios in a stock and cash transaction. Illumination Entertainment was 100% owned by Universal Studios.

The Illumination Entertainment acquisition follows Disney’s very successful acquisitions of Pixar, Marvel and Star Wars, which demonstrated the company’s unique ability to fully develop and expand the financial potential of high quality creative content with compelling characters and storytelling through the application of innovative technology and multiplatform distribution on a truly global basis to create maximum value. Adding Illumination Entertainment to Disney’s portfolio of world class brands significantly enhances the company’s ability to serve consumers with a broad variety of the world’s highest-quality content and to create additional long-term value for our shareholders.

The discussion will be available via replay on the Disney Investor Relations website through April 13, 2017 at 5:00 PM EST/2:00 PM PST.

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, interactive media, and consumer products. Disney is a Dow 30 company with revenues of over $40 billion in its Fiscal Year 2016.