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    Nintendo eyeing filmmaking for growth after Mariners sale 

    By SHOOTUpdated:No Comments1514 Views
    In this March 20, 2016 file photo, a shopper on an escalator passes by the Nintendo logo at an electronics store in Tokyo. (AP Photo/Shizuo Kambayashi, File)

    By Yuri Kageyama, Business Writer

    TOKYO (AP) --

    Japanese video game maker Nintendo Co. is eyeing the movie business for growth.

    Company spokesman Makoto Wakae said Monday details are undecided but the work might be a theater release or a DVD.

    Nintendo, which makes the Wii U home console and Nintendo 3DS hand-held machine, has licensed its game characters in the past, such as with its Pokemon movies, but it is now thinking about make its own film content.

    It won't become a full-fledged film studio, but filmmaking is an area it has chosen for future investment of proceeds from selling its stake in the major league Seattle Mariners, planned for later this year, according to Kyoto-based Nintendo.

    The Japanese daily newspaper Asahi reported Monday that Nintendo's work might be 3-D animation. It said Nintendo is in talks with various film companies on a possible partnership.

    Wakae said an announcement will be made, but even the details of the Mariners sale have not yet been announced.

    Nintendo has seen its growth stagnate in recent eyes amid competition from smartphones and other devices, and films could revive interest in its franchise, which also includes The Legend of Zelda.

    Nintendo reported a 24 billion yen ($216 million) loss for January-March, bigger than the loss it reported the previous year. For the fiscal year ended March 31, it earned 16.5 billion yen ($148 million), down 61 percent from the previous fiscal year.

    Recent Wii U sales have lagged rivals Sony Corp.'s PlayStation 4 console and Microsoft Corp.'s Xbox One, including the key year-end holiday shopping season.

    After years of scoffing at the threat from smartphones, Nintendo did an about face last year and entered an alliance with Japanese mobile game company DeNA Co. to develop games for mobile devices.

    It has also said its new game platform codenamed NX will be launched globally in March next year.

    In April, Nintendo of America said it's selling its majority stake in the Seattle Mariners to a group of minority owners led by new chairman and CEO John Stanton.

    Nintendo is selling all but 10 percent of its stake in the franchise and the regional sports network ROOT Sports. The deal is subject to approval by Major League Baseball, expected during league meetings in August.

    Tags:Nintendo



    DirecTV calls off acquisition of rival Dish, possibly ending a yearslong pursuit

    Friday, November 22, 2024
    Dish Network satellite dishes are shown at an apartment complex in Palo Alto, Calif., Feb. 23, 2011. (AP Photo/Paul Sakuma, File)

    DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.

    The deal was reliant on Dish bond holders agreeing to trade in the debt they held for debt in the new company, a swap that would have cost them about $1.6 billion, collectively.

    The retreat by DirecTV this week may end a years-long effort by the company to acquire both Dish and Sling after it announced the bid in September.

    DirecTV was looking to acquire Dish TV and Sling TV from its owner EchoStar in a debt exchange transaction that included a payment of $1, plus the assumption of approximately $9.8 billion in debt. The deal was contingent on several factors, including regulatory approvals and bondholders writing off debt related to Dish.

    "While we believed a combination of DirecTV and Dish would have benefited all stakeholders, we have terminated the transaction because the proposed exchange terms were necessary to protect DirecTV's balance sheet and our operational flexibility," DirecTV CEO Bill Morrow said in a statement.

    The prospect of a DirecTV-Dish combo has long been rumored, and reported talks resurfaced over the years. And the two almost merged more than two decades ago — but the Federal Communications Commission blocked the deal valued at the time at $18.5 billion deal, citing antitrust concerns.

    The pay-for-TV market has shifted significantly since. As more and more consumers tune into online streaming platforms, demand for more traditional satellite entertainment continues to shrink.

    DirecTV says that it will continue to invest in next-generation streaming platforms and offer new packaging options while integrating content from live TV alongside direct-to-consumer... Read More

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