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Disney Buys Royalty Stream for Pooh Bear

March 06, 2001|From Reuters

Walt Disney Co. confirmed on Monday that it has agreed to buy out the future royalty stream for broader use of the rights to Winnie the Pooh and other related characters, expanding a permanent licensing deal it already had.

"This basically secures our ability to use the characters in new media such as the Internet," a company spokesman said.

He declined to comment on the financial terms of the new licensing deal for the characters created by A.A. Milne.

The Sunday Times of London, which first reported the deal, said the new pact was worth $350 million.

The media giant originally bought the rights to the cuddly character in the 1960s and has since been paying twice-yearly royalties to the beneficiaries.

It will now pay the lump sum for the rights until the copyright expires in 2026.

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