Disney and Sony receive millions from Russian business after war outbreak

Posted by Admin January 6, 2025 Bussiness

Disney and Sony received dividents from Russia after the launch of its full-scale invasion (Photo: REUTERS/Nick Pfosi)

Disney and Sony reportedly received £13.5 million (approximately $17 million) in payments from their Russian joint venture despite suspending operations in Russia in post-2022 period, the Telegraph wrote on Jan. 5.

A Moscow-based company responsible for film marketing and distribution for the two studios paid out £13.1 million ($16,6 mln) in dividends in March 2022 – just one month after the invasion. An additional £440,000 ($545,200) was distributed between July and December 2023.

These funds were transferred by Walt Disney Studios Sony Pictures Releasing (WDSSPR), a Moscow-based entity, to Eastern European Holdings (EEH), a London-based company jointly owned by Disney and Sony’s Columbia Pictures division.

The dividends resulted from business conducted before the studios officially ceased operations in Russia. Both companies have since halted commercial activity in the country, and there are no formal grounds to claim any misconduct or violations of sanctions.

EEH was established by Disney and Sony in 2006 and was responsible for distributing blockbuster films such as Frozen and Spider-Man: Homecoming in Russia. The decision to shut down the joint venture was made in June 2020, with dividends being paid as part of the closure process.

Both Sony and Disney declined to comment on the matter.

Previously, reports surfaced about a former Disney employee attacking company services to insert harmful misinformation into menu listings.