Disney pausing all business in Russia
The Walt Disney Company on Thursday said it would pause all business in Russia, due to the "unrelenting assault on Ukraine and the escalating humanitarian crisis."
Why it matters: Disney was the first major Western movie studio to pull its theatrical releases from Russia last week, which prompted many other studios to follow suit.
Details: "Given the unrelenting assault on Ukraine and the escalating humanitarian crisis, we are taking steps to pause all other businesses in Russia," Disney said in a statement.
- "This includes content and product licensing, Disney Cruise Line activities, National Geographic magazine and tours, local content productions and linear channels."
- Disney noted that some business activities, like such as linear channels and some content and product licensing, will take time to pause "given contractual complexities."
- The company said it remains "committed" to its employees in Russia, and those people would remain employed.
The big picture: Hollywood, like many industries, has started to put morals over money, forgoing international box office revenue at a time when the industry is still digging out from the pandemic.
- Netflix paused all future projects and acquisitions in Russia while it assesses the impact of current events.
- Disney, Paramount and Sony paused the release of theatrical films in Russia.
- Warner Bros. halted its plans to release “The Batman" in Russia, which was slated to debut in the country last Friday.
Go deeper: Hollywood boycotts Russia