Disney settles lawsuit with film financier TSG Entertainment

Disney has settled a lawsuit with a major financial partner that accused the Burbank entertainment giant of misconduct and breach of contract over the summer.

Attorneys for Disney and film finance company TSG Entertainment jointly filed a motion to dismiss in Los Angeles Superior Court on January 5, indicating that the warring parties have agreed to end their legal battle. While details of the settlement were not released, representatives for Disney and TSG confirmed to The Times on Wednesday that «the matter has been resolved.»

Last August, TSG sued Disney for allegedly failing to pay a financier what it owed, licensing TSG-backed films for less than they were worth, and wrongfully charging TSG millions of dollars in distribution fees.

In addition, the firm alleged in its complaint that Disney cut «sweetheart» deals that brought TSG-backed films to its own streaming services in an attempt to attract more subscribers while significantly shorting the investor.

Among the high-profile titles TSG said it financed from Disney 20th Century Studios were 2022’s «Avatar: The Way of Water,» 2022’s «The Banshees of Inisherin,» and 2018 Oscar winner for best picture, «The Shape of Water.» . as well as various installments in the X-Men and Deadpool franchises. In total, TSG said it invested more than $3.3 billion with Disney and financed more than 140 films distributed into the 20th century.

«The pejorative term ‘Hollywood accounting’ refers to the opaque and creative methods often used by major television and film studios to cheat those who share in the profits of a television series or film out of their full contractual shares,» the TSG court. read.

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Disney and 20th Century “tried to use almost every trick in the Hollywood Accounting playbook to defraud (TSG) of hundreds of millions of dollars.

Times staff writer Brian Contreras contributed to this report.

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