By Sahil Patel
Danny Zappin’s attempt to prevent, or at least stall, Disney’s acquisition of Maker Studios has come and gone in vain. In fact, it also appears Relativity Media’s attempt to outbid Disney for Maker Studios was all for nothing.
In what might be tantamount to a “mic-drop” of an official statement, a Maker Studios spokesperson said:
“As per the announcement made on March 24, Maker Studios has entered into a merger agreement with The Walt Disney Company. The agreement has been approved by Maker Studios’ board of directors and the majority of its shareholders and is expected to close in the next few weeks, subject to regulatory approval.
In a separate matter, the recent legal motion in the case Katz v. Donovan was denied today by The Superior Court of California; County of Los Angeles, Central District.”
As was the case a few weeks ago, Maker Studios is being acquired by Disney for $500 million, with additional earn-out payments that could drive the price up to $950 million. It’s still happening, and it’s still the biggest bet on a YouTube business to date.
That said, Zappin’s original lawsuit against the company he co-founded is still ongoing.