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LOS ANGELES: Walt Disney Co and Twenty-First Century Fox Inc. yesterday dismissed a casino operator's charges of abandoning a license agreement related to a branded recreation park project Fox.
Disney and Fox said that Genting Malaysia Bhd's claims against them were "baseless".
Genting shares fell 16.7% yesterday, a day after the Kuala Lumpur-based company sued US entertainment and media companies in Los Angeles for more than $ 1 billion. The decline took place before Disney and Fox published their statements.
According to the complaint, Fox Entertainment Group, under pressure from Disney, violated a contract concluded in 2013 to license its intellectual property for a theme park project in the Resorts World Genting complex, located one hour drive from Kuala Lumpur.
Genting blamed Fox for years of delay and said that Disney, which buys many of Fox's badets for $ 71.3 billion, decided to back down because the partnership with a gaming company did not match. not to its "family" brand strategy.
The complaint also stated that Fox had issued a default notice in a manner consistent with Disney's desire to "terminate the agreement".
Twentieth Century Fox Film, one of the accused, rejected this allegation. "The allegation that Disney, rather than Fox, has finally decided to declare a default is simply invented," said a spokesman.
Genting said more than 23 million people visit the Resorts World Genting each year, which includes a casino, seven hotels, shopping malls, auditoriums, gondola lifts and numerous restaurants, bars and clubs.
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