Walt Disney Company is a global entertainment company that operates a wide range of businesses, including theme parks, resorts, cruise lines, television broadcast networks, and related products. Disney also produces live entertainment events and produces and streams a variety of movie and television entertainment content through a relatively new digital streaming service. Walt Disney Co. is listed on the New York Stock Exchange (NYSE) under the ticker symbol DIS.
Founded in 1923 by the Walt and Roy Disney brothers as Disney Brothers Cartoon Studios, the company currently boasts a market capitalization of $ 329 billion (as of August 13, 2021) and annual sales of $ 69.6 billion. It produces a net profit of $ 11.6 billion. FY2019 (FY) ended on September 28, 2020.
Under the leadership of Bob Chapek, who became CEO from Robert Iger in February 2020, the company operates through the following business segments: Parks, Experiences, Products; Studio Entertainment; Direct to Consumer and International.
Walt Disney World Theme Parks in Florida was reopened in July after being closed in March due to a coronavirus pandemic. However, cases of COVID-19 have escalated in Florida, and authorities have reported the highest levels of new infections in any state in the United States.
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- On August 31, 2021, Disney announced that it would shut down the Hotstar US streaming service in 2022 and move content from that service to ESPN + and Hulu.
- On August 24, 2021, Disney signed a contract with the Service Union. This requires Disney World workers in Florida to be fully vaccinated by October 22, 2021, unless they are medically or religiously exempt. This comes after the full FDA approval of the Pfizer vaccine.
- On August 12, 2021, Disney released its third quarter 2021 earnings report. Adjusted earnings per share are reported to be $ 0.80 and revenue of $ 17 billion, both well above analysts’ expectations. The Parks, Experiences and Products segments have been profitable for the first time since the pandemic began.
- On July 29, 2021, actor Scarlet Johansen sued Disney for a simultaneous streaming release of the movie “Black Widow,” in which she starred. The proceedings alleged that Disney broke her contractual obligations for her salary, including reducing box office revenue, but agreed to the provision that the film would be “theatrically released.” Johansen’s lawyer argues that theatrical release of the film means it will be dedicated to the theater. On the second weekend of the movie, box office revenue fell sharply.
- On May 13, 2021, Disney reported revenue for the second quarter of the 2021 fiscal year (FY), which ended April 3, 2021. Adjusted earnings per share (EPS) was $ 0.79, well above analysts’ expectations, but revenue was $ 15.6. $ 15.9 billion, slightly below analysts’ expectations. The company also reported less than expected 103.6 million Disney + subscribers.
- On April 30, 2021, Disneyland reopened after being closed in March 2020. Currently, only California residents can visit the park, and due to COVID-19, groups of 3 or more per household cannot participate.