Disney to make $1.5B investment in Epic Games, best known for Fortnite

CARY, North Carolina -- Disney CEO Bob Iger announced during the company's earnings call Wednesday that it would invest $1.5 billion in Epic Games.

Epic Games is the studio behind the popular online game Fortnite.

Disney has worked with Epic Games in the past to incorporate playable characters into Fortnite.

Iger said Disney plans to work with Epic Games to create a new virtual reality universe as well as new games and entertainment incorporating more characters and stories from Disney, Pixar, Marvel, Star Wars, and other company properties.

This announcement comes on the heels of Iger announcing that Disney had exceeded earnings expectations.

Disney's stock shot up in aftermarket trading.

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