TRU Sells FAO
Fortune.com reported exclusively this morning that Toys “R” Us has sold FAO Schwarz to the ThreeSixty Group, a manufacturer and distributor of toys and consumer products. The company plans to develop a toy collection featuring the FAO name for retail in fall 2017. Terms of the deal were not disclosed. Read the Fortune.com exclusive story here.
Disney, Jon Favreau Join Forces for The Lion King
Walt Disney Studios confirmed last week that director Jon Favreau will reimagine The Lion King. No release date or casting information has been announced yet. Disney says this project follows the smash hit The Jungle Book, directed by Favreau, which debuted in April and earned $965.8 million worldwide.
The Lion King will further build on Disney’s success of reimagining its classics for a contemporary audience. The upcoming Beauty and the Beast, starring Emma Watson as Belle, is already one of the most anticipated movies of 2017. Like Beauty and the Beast, The Lion King will include songs from the animated film. Disney and Favreau are also in development on a sequel to The Jungle Book. No release date has been announced.
The Lion King, originally released in 1994, had a global box office gross of $968.8 million, including $422.8 million domestically.