Disney Stock (NYSE:DIS)
BAMTech is a video-streaming business spun out from MLB Advanced Media, a digital media company owned by Major League Baseball. Walt Disney Company (NYSE:DIS) announced Tuesday that it had assumed full ownership of BAMTech.
According to a filing with the SEC, Disney acquired the remaining interest in BAMTech from Major League Baseball earlier this month. The transaction was said to have cost $900 million.
Before the completion of the agreement, Disney stock had 85% of the ownership stake in the streaming technology services firm BAMTech. In comparison, Major League Baseball held 15%. (MLB).
The request for comment from Reuters was not immediately met with a response from BAMTech or MLB.
In 2016, Disney made the first step toward acquiring BAMTech by purchasing a 33% share in the company for $1 billion. This purchase gave Disney the ability to offer additional content directly to customers.
BAMTech is the streaming technology provider used by organizations such as Worldwide Wrestling Entertainment and HBO, which is owned and operated by Warner Bros. Discovery (NASDAQ:WBD) Inc.
As it competes for a larger share of the lucrative global video streaming market, which is currently dominated by companies such as Netflix Inc., Disney, which has been expanding into multimedia services, announced that it will take complete control of the Hulu service as part of a deal with Comcast Corp (NASDAQ:CMCSA) (NASDAQ:NFLX).
Disney owns 67% of the streaming service provider Hulu, while NBC Universal owns 33% of the business (NBCU).
A surprising comeback that coincides with the entertainment company’s attempt to boost investor confidence and profit at its streaming media unit, Disney announced last week that Bob Iger will return to the company in his former role as chief executive less than a year after he retired from the company.
Iger said on Monday that making the firm’s streaming business successful is one of his top goals for the company.
Disney said on Tuesday that the firm is planning on making organizational and operational changes in the coming months, which may result in impairment costs. Disney has said that Iger’s primary responsibility will be to steer the corporation toward rekindled expansion.
Featured Image: Pixabay @ mohamed_hassan
Author Shariq Khan 
