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Word Count: 130 | Estimated Reading Time: 1 minute

Disney CEO on $1 billion investment in OpenAI: 'This is a good investment for the company'

The Walt Disney Company’s $1 billion equity investment in OpenAI will serve as “a way in” to artificial intelligence, which will have a significant long-term impact on Disney’s business, Disney CEO Bob Iger told CNBC’s “Squawk on the Street” on Thursday.

“We want to participate in what Sam is creating, what his team is creating,” Iger said. “We think this is a good investment for the company.”

Disney announced its investment in OpenAI as part of an agreement on Thursday that will allow users to make AI videos with its copyrighted characters on the startup’s app called Sora. More than 200 characters including Mickey Mouse, Darth Vader and Cinderella will be available on the platform through a three-year licensing agreement.

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