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☆ Disney's largest shareholder Vanguard reportedly backing management over Peltz in board fight
▼ + stars: | 2024-04-02 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Disney's largest shareholder, index fund manager Vanguard, plans to support management over Nelson Peltz's Trian Partners in Wednesday's board vote, Bloomberg News reported Tuesday, citing unnamed people familiar with the matter. Vanguard owns 7.8% of Disney shares. BlackRock , Disney's second -largest shareholder with 4.2% of shares, is also supporting the incumbent board and CEO Bob Iger, The Wall Street Journal reported Monday. The reporting on how Disney's largest shareholders are supposedly voting prompted harsh criticism from one-time shareholder activist Bill Ackman on Tuesday evening. Through an arrangement with former Marvel Chairman Ike Perlmutter, Trian controls 1.8% of Disney shares, making it the fifth largest shareholder.

Persons: Bob Iger, Nelson Peltz's, Disney's, Bill Ackman, Ackman, Ike Perlmutter, Trian, Neuberger Berman, CalPERS, Jamie Dimon, George Lucas Organizations: Walt Disney Company, Shanghai Disney Resort's, Shanghai Disney Resort, Vanguard, Nelson Peltz's Trian Partners, Bloomberg News, Institutional, Disney, BlackRock, Street, Geode Capital Management, Marvel, Retail, JPMorgan Chase, Star Wars, CNBC, Bloomberg Locations: Shanghai, China, Disney's

☆ Disney CEO Iger promises 2026 exit, says ABC not for sale
▼ + stars: | 2023-11-29 | by ( Lisa Richwine | ) www.reuters.com time to read: +1 min

Disney's Chief Executive Officer Bob Iger holds a news conference at Shanghai Disney Resort as part of the three-day Grand Opening events in Shanghai, China, June 15, 2016. REUTERS/Aly Song/File Photo Acquire Licensing RightsLOS ANGELES, Nov 29 (Reuters) - Walt Disney (DIS.N) Chief Executive Bob Iger said on Wednesday he would "definitely" step down when his current contract ends in 2026 and that the ABC broadcast network was not for sale. Iger returned to Disney as CEO in November 2022, less than a year after he retired, to revamp the media company after the board ousted his hand-picked successor, Bob Chapek. Disney's ABC unit is not up for sale, Iger said as the company deals with a decline in linear television because viewers are shifting toward streaming. Iger had said earlier this year that networks such as ABC may not be "core" to Disney going forward.

Persons: Bob Iger, Aly, Walt Disney, Iger, Bob Chapek, Zaheer Kachwala, Lisa Richwine, Maju Samuel, Cynthia Osterman Organizations: Shanghai Disney Resort, REUTERS, ABC, New York Times Dealbook Conference, Shanghai, Disney, New York Stock Exchange, Thomson Locations: Shanghai, China, Bengaluru, Los Angeles

☆ Disney is in trouble. Bob Iger has 5 big problems to solve
▼ + stars: | 2023-11-08 | by ( Samantha Delouya | ) edition.cnn.com time to read: +8 min

Last quarter, Disney’s linear television revenue continued to slip, declining 7% compared to the same quarter last year. Disney World angstIt may not be all bad news for Disney, though. However, Disney World Resort in Florida has struggled with declining attendance in recent months. Over the summer, Disney World parkgoers experienced shorter-than-expected ride wait times and fewer crowds. Nearly one year ago, Iger unexpectedly came out of retirement to take over the role of Disney CEO once again after the board unexpectedly fired his successor, Bob Chapek.

Persons: Ron DeSantis, Bob Iger, Hugh Johnston, Christine McCarthy, Iger, ” Iger, I’ve, expansively, Indiana Jones, Reynaud Julien, Bank of America’s Jessica Reif Ehrlich, Ehrlich, Jason Bazinet, Disney, Disney isn’t, ”, Vijay Jayant, underperformance, Bob Chapek, Johnston Organizations: Los Angeles CNN, Disney, Republican, Gov, Warner Bros, CNN, Media, YouTube, ESPN, Wall Street, PepsiCo, ABC, Disney Channel, Geographic, “, Destiny, Cannes Film, APS, Bank of America’s, Citigroup, Shanghai Disney Resort, Hong Kong Disneyland Locations: Florida, Refinitiv, Cannes, France, Canada, Hulu, Shanghai, Hong, Central Florida

☆ Disney's top-selling merchandise line in Asia is this under-the-radar fluffy bear
▼ + stars: | 2023-09-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Duffy and Friends is Disney's top-selling franchise in Asia, having generated $500 million in revenue this year. Duffy, a fluffy bear, was introduced in 2002 with a back story linked to Mickey and Minnie. The revenues include sales from Shanghai Disney Resort, Hong Kong Disneyland, and the Tokyo Disney Resort in Japan. AdvertisementAdvertisementThe back story for the fluffy bear involves Minnie Mouse hand-sewing the stuffed bear to accompany Mickey on a long sea voyage from Cape Cod. Both Duffy and LinaBell can be seen in a Disney video from September 2021, which shows the fluffy bear meeting his new fox friend.

Persons: Duffy, Mickey, Minnie, Mel, LinaBell, there's Organizations: Service, Disney, Shanghai Disney Resort, Tokyo Disney Resort, Walt Disney World, Shanghai, Shanghai Daily Locations: Asia, China, Wall, Silicon, Shanghai, Hong Kong, Tokyo, Japan, Orlando , Florida, Cape Cod

☆ Disney, Challenged Elsewhere, Plans to Spend $60 Billion on Parks and Cruises
▼ + stars: | 2023-09-19 | by ( Brooks Barnes | More About Brooks Barnes | ) www.nytimes.com time to read: +2 min

Disney’s theme parks will generate an estimated $10 billion in profit this year, up from $2.2 billion a decade ago. Disney’s overseas parks — aside from Tokyo Disney Resort, which it receives royalties from but does not own — have sometimes struggled to turn a profit. That amount is double what Disney spent on parks and the cruise line over the past decade, which was itself a period of greatly increased investment. Disney has also poured money into its Paris and Hong Kong parks, with themed expansions tied to “Frozen” and other Disney films scheduled to open soon. Three more ocean liners are on the way, bringing the Disney fleet to eight ships, and Disney is nearing completion of a new port on a Bahamian island.

Persons: Robert A, Iger, Ron DeSantis, Disney, ” Organizations: Walt Disney, Tokyo Disney Resort, Disney Cruise, Disney, Shanghai Disney Resort, Guardians, Galaxy Locations: Anaheim , Calif, Orlando, Fla, Tokyo, Shanghai, Paris, Hong Kong

☆ Disney to nearly double parks spending to $60 billion over 10 years
▼ + stars: | 2023-09-19 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

Sept 19 (Reuters) - Walt Disney (DIS.N) said on Tuesday it would nearly double its capital expenditure for its parks business to about $60 billion over the next 10 years. Disney CEO Bob Iger and Josh D'Amaro, the company's parks chief, announced the accelerated pace of investment at a gathering of Wall Street analysts and investors at Walt Disney World Resort in Orlando, Florida, focused on the company's parks business. Parks have become a reliable profit engine for Disney and has helped cushion losses in the Disney+ streaming business, which is expected to become profitable only next year. The announcement of the planned investment followed a slowdown at Walt Disney World in Orlando, as attendance surges at its parks around the world, particularly Shanghai Disney Resort and Hong Kong Disneyland. Disney also plans to nearly double the capacity of its cruise line, adding two ships in fiscal 2025 and another in 2026.

Persons: Walt Disney, Bob Iger, Josh D'Amaro, Parks, Iger, Disney, Ron DeSantis, Mario Anzuoni, Paul Verna, Thomas Hayes, Samrhitha, Dawn Chmielewski, Shailesh Kuber, Chizu Nomiyama, Paul Simao, Aurora Ellis Organizations: Disney, Wall Street, Walt Disney World, Disney California, Hollywood Studios, Republican, REUTERS, Insider Intelligence, Walt Disney, Shanghai Disney Resort, Great, Thomson Locations: Orlando , Florida, California, Orlando, Florida, Anaheim , California, U.S, Shanghai, Hong Kong, Great Hill, Bengaluru, Dawn, Los Angeles

☆ Disney hikes streaming prices, focuses on costs as Iger moves to reassure investors
▼ + stars: | 2023-08-10 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +5 min

Disney also posted quarterly revenue below expectations and fell slightly behind analyst projections for U.S. subscribers of Disney+. A sign is shown at one of the entrances to Disney Studios in Burbank, California, U.S., July 25, 2023. It added 800,000 Disney+ subscribers, 100,000 subscribers shy of analyst estimates, and shed 12.5 million subscribers to the Disney Hotstar service in India, or nearly a quarter of its subscribers, as it gave up rights to Indian Premiere League cricket matches. Disney's direct-to-consumer business reported a 9% increase in revenue to $5.5 billion, as the average revenue per subscriber rose at Disney+ and Hulu. The unit had lower operating income at its domestic parks, due to decreases at Walt Disney World Resort in Orlando, Florida.

Persons: Walt Disney, Bob Iger, ’, “, I've, ” Iger, Wall, Iger, Mike Blake, Jesse Cohen, Dawn Chmielewski, Chavi Mehta, Aditya Soni, Peter Henderson, Sayantani Ghosh, Matthew Lewis Organizations: ESPN, Disney, Hulu, Netflix, Disney Studios, REUTERS, Indian Premiere League, Investing.com, Shanghai Disney Resort, Walt Disney World, Thomson Locations: Hollywood, Europe, Canada, Burbank , California, U.S, India, Disney's, Orlando , Florida, Los Angeles, Bengaluru

☆ Disney cost cuts exceeding targets but quarterly revenue misses
▼ + stars: | 2023-08-09 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +4 min

The entertainment conglomerate also said it fell slightly behind analyst projections for U.S. subscribers of Disney+. It added 800,000 Disney+ subscribers, 100,000 subscribers shy of analyst estimates, and shed 12.5 million subscribers to the Disney Hotstar service in India, or nearly a quarter of its subscribers, as it gave up rights to Indian Premiere League cricket matches. Disney's traditional television business continued its decline, with lower revenue and operating income across the company's broadcast and cable TV business. TV revenue for the quarter decreased 7% to $6.7 billion, while operating income fell 23% to $1.9 billion. Disney's direct-to-consumer business reported a 9% increase in revenue to $5.5 billion, as the average revenue per subscriber rose at Disney+ and Hulu.

Persons: Mike Blake, Walt Disney, Bob Iger, Iger, Disney, Strange, Disney's, Dawn Chmielewski, Chavi Mehta, Aditya Soni, Peter Henderson, Sayantani Ghosh, Matthew Lewis Organizations: Disney Studios, REUTERS, Disney, Indian Premiere League, Hulu, Guardians, Shanghai Disney Resort, Walt Disney World, Thomson Locations: Burbank , California, U.S, India, Orlando , Florida, Los Angeles, Bengaluru

☆ Disney World has a bigger problem than Ron DeSantis: people aren't going
▼ + stars: | 2023-07-11 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

Disney's ongoing feud with Ron DeSantis is certainly a factor. Ron DeSantis, it's pretty clear that the park's problems run deeper than a political beef. While crowd sizes are down in the US parks, revenue is up at international Disney parks such as Disneyland Hong Kong. Despite the DeSantis dust-up, the park's biggest issue has nothing to do with politics — Disney World is damn expensive. Ron DeSantis Paul Hennessy/SOPA Images/LightRocket via Getty ImagesIt's also clear that a cut back on vacationing is not the issue.

Persons: Ron DeSantis, Disney execs, Li Zhihua, execs, DeSantis, —, Ron DeSantis Paul Hennessy, Courtney Garcia, Garcia, Samantha Delouya, Bob Iger Organizations: Disney, Service, Walt Disney, Florida Gov, Wall Street Journal, Hollywood Studios, Shanghai Disney Resort, Hong Kong Disneyland, China News Service, — Disney, Getty, TSA, Payne Capital Management Locations: Wall, Silicon, Magic, Shanghai, Paris, Hong, Hong Kong, Florida

☆ China's recovery lifts U.S. companies' sales as domestic consumers pull back spending
▼ + stars: | 2023-05-14 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

U.S. companies are reporting that demand in China is returning, boosting their sales at a time when many U.S. consumers are pulling back their spending. Starbucks reported that its same-store sales in China rose 3% in its latest quarter, reversing their declines. Some Wall Street analysts were still anticipating shrinking same-store sales for the company's second-largest market. That quarter, Starbucks' same-store sales in China sank 23%. Yum China , Yum Brands' master franchisee in China, also said its same-store sales grew 8% in the first quarter.

[1/3] A man looks at his phone as he passes by a screen advertising Walt Disney's streaming service Disney+ in New York City, U.S., November 12, 2019. The division ended the quarter with an operating loss of $659 million, compared with $1.1 billion in the prior quarter. At the same time, total subscribers to the flagship Disney+ service dropped by 4 million to 157.8 million. Inge Heydorn, a fund manager at GP Bullhound, said a question for investors is: "are the trade offs from lower marketing costs leading to lower subscribers?" "We've only just begun to scratch the surface of what we can do with advertising on Disney+," Iger said on a conference call with analysts.

The company plans to expand its streaming offerings by the end of the year with a new app that combines Disney+ and Hulu, Chief Executive Bob Iger said. Total subscribers to the flagship Disney+ service dropped by 4 million from the previous quarter to 157.8 million. Most of the defections came from the Disney+ Hotstar offering in India after it lost streaming rights to Indian Premier League cricket matches. "Striking a fine balance between customer acquisition versus financial performance is no easy feat." As Disney tries to build streaming, its traditional television business faces hurdles.

☆ Disney's quarter reflects what we knew all along about Bob Iger's turnaround plan. Here's our earnings analysis and what's next
▼ + stars: | 2023-05-10 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Botton line We've been saying for weeks that fiscal Q2 was not the one to rush in and get in ahead of. Not represented in the table, the Q2 loss was also smaller by $400 million quarter over quarter. Furthermore, management acknowledged churn could be a potential issue for one more quarter before returning to domestic sub-growth in the fiscal fourth quarter. As for theme park sales, this profitable growth engine remains in great shape, jumping nearly 38% to $6.76 billion in fiscal Q2. Iger's Strategy Updates Alongside fiscal Q2 results, we got some more news on the strategic changes Iger has for the company, about six months into his return as CEO.

☆ Disney aims for more profits at Disney+ with more ads, less content, higher fees
▼ + stars: | 2023-05-10 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

New York CNN —Disney laid out the profit plan for Disney+ streaming service on its investor call after reporting its most recent quarterly results, and it’s likely not going to make its customers very happy. It entails cutting back on the content offered, selling more ads and charging higher subscription fees. The company’s ongoing efforts to trim losses and begin to make profits on its streaming business could disappoint some of the people who have enjoyed Disney+, however. “It’s critical we rationalize the volume of content we’re creating and what we’re spending to produce our content,” Iger said about the cuts to the streaming service. Iger said Disney is still learning the proper business model for streaming as it makes the transition.

☆ Disney Lays Off More Than 300 Streaming-Focused Employees in China
▼ + stars: | 2023-03-29 | by ( Jessica Toonkel | Joe Flint | ) www.wsj.com time to read: 1 min

The $5.5-billion Shanghai Disney Resort is among Disney’s biggest amusement parks in the world. Walt Disney Co. has laid off more than 300 employees in Beijing who worked on its streaming services, according to people familiar with the situation, part of a cost-cutting and restructuring effort at the entertainment company. The layoffs in China come as Disney this week started carrying out the first wave of cuts in a previously announced plan to slash 7,000 jobs.

☆ China's recovery may mean the Fed will have to hike rates longer
▼ + stars: | 2023-01-19 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

SHANGHAI, CHINA - Tourists pose for a photo at the Shanghai Disney Resort as the resort kicked off a month of festivities from January 13 to February 10 to celebrate the upcoming Chinese New Year. As the end of China's stringent Covid restrictions quickens the country's economic recovery, concerns about pent-up Chinese demand — and the inflation that may follow — could mean bad news for the U.S. Federal Reserve. "In our view ... a stronger China increases the chances of a stubbornly hawkish Fed," Tavis McCourt, institutional equity strategist at Raymond James, said in his 2023 Outlook. With activity expected to pick up from China, demand for a variety of commodities will drive , McCourt said. "Demand is going to come back really quickly."

[1/5] People wait to purchase medicine at a pharmacy, amid the coronavirus disease (COVID-19) outbreak, in Beijing, China December 16, 2022. REUTERS/Xiaoyu YinBEIJING/SHANGHAI, Dec 17 (Reuters) - Funeral homes across China's COVID-hit capital Beijing, a city of 22 million, scrambled on Saturday to keep up with calls for funeral and cremation services as workers and drivers testing positive for the novel coronavirus called in sick. In Beijing, which has yet to report any COVID deaths since the policies changed on Dec. 7, sick workers have hit the staffing of services from restaurants and courier firms to its roughly one dozen funeral parlours. "We've fewer cars and workers now," a staffer at Miyun Funeral Home told Reuters, adding that there was a mounting backlog of demand for cremation services. China's health authority last reported COVID deaths on Dec. 3, in Shandong and Sichuan provinces.

☆ As China grapples with rare protests, Shanghai Disneyland shuts over Covid curbs once again
▼ + stars: | 2022-11-29 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +2 min

Hong Kong CNN Business —Shanghai Disneyland has been closed again because of China’s Covid restrictions, just days after reopening following a previous pandemic-related closure. Shanghai Disneyland had just reopened on November 25 after a pandemic-related closure on October 31, according to a notice from Shanghai Municipal People’s Government on November 26. Disneytown, Wishing Star Park and Shanghai Disneyland Hotel reopened earlier on November 17, but November 25 marked the resort’s return to full operations after the closure on October 31, according to the notice. Shanghai Disneyland had also taken a three-month hiatus earlier this year. The decision to close Disneyland once again comes following nationwide protests over the weekend in a rare show of dissent against the ruling Communist Party.

☆ China revises COVID guidelines for entertainment venues
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

The Ministry of Culture and Tourism issued the revised guidelines to travel agencies, entertainment and performance venues. A government statement said local administrators should improve the accuracy of their prevention and control measures and should not shut down entertainment venues down at will. The specific measures are mostly in line with China's latest easing of COVID rules, but could be a bright spot for entertainment and tourism firms that have been hammered by a near three-year strict zero-COVID policy. Places such as KTVs, internet cafes and offline board game venues are allowed to operate under normalised COVID prevention rules in low risk regions, which means as long as they apply certain COVID prevention rules, they can open their business as usual, according to the government. Reporting by Albee Zhang, Bernard Orr; Editing by Shri Navaratnam & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Shanghai Disney to re-open parts of resort but keep main park shut
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

Nov 16 (Reuters) - The Shanghai Disney Resort said it would open some parts of the resort from Thursday, but the main Disneyland park would stay shut until further notice. "Disneytown, Wishing Star Park and Shanghai Disneyland Hotel will resume operations on November 17, with hotel reservation services restarting today," the resort said on Wednesday. "Shanghai Disneyland will remain temporarily closed until further notice," the statement added. "Toy Story Hotel will also remain temporarily closed." The resort was closed on Oct. 31 after a visitor tested positive for COVID-19.

"It would become a testing point regarding the government’s determination to push for the relaxation of COVID control measures," they said. China reported 17,772 new local COVID-19 infections for Nov. 14, up from 16,072 new cases a day earlier and the most since April, with major cities including Chongqing and Zhengzhou among the worst-hit. On Monday, Beijing's most populous district of Chaoyang, where most of its cases are located, moved some testing sites closer to residential compounds. On Tuesday, state broadcaster CCTV said Chaoyang district was adding more testing sites, including near office buildings. Under China's new rules, testing efforts are to be more targeted, easing what has been a significant financial burden on cities.

☆ China's Oct factory activity shrinks as COVID curbs hit output, demand - Caixin PMI
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +3 min

The Caixin/S&P Global manufacturing purchasing managers' index (PMI) stood at 49.2 in October, up from 48.1 in September and slightly above analysts' expectations for 49.0. In line with China's official PMI, which unexpectedly fell into contraction last month, waning factory activity weighed on the fragile recovery of the world's second-biggest economy amid a deepening property crisis and weakening demand. The softer activity continued to pressure the labour market as the manufacturing employment fell for the seventh month in a row. "In particular, the spread of the coronavirus in many regions significantly restricts both supply and demand," Wang said. The Caixin manufacturing PMI centres on small firms and coastal regions where sit a great number of exporters.

☆ Shanghai Disney visitors told to stay home after COVID case, Foxconn ups bonuses
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI, Nov 1 (Reuters) - Several Shanghai residents received fresh stay-at-home orders and mandatory testing notices on Tuesday as authorities raced to trace contacts linked to a COVID-positive woman whose visit to the city's Disney Resort prompted its temporary lockdown. The Shanghai Disney Resort on Monday abruptly shut its gates, locking in all visitors at the time and only allowing them to leave, hours later, after they had tested negative for the virus. Marvis He was among Disney visitors caught up in the resort's lockdown, having flown in from Shenzhen in hopes of enjoying the park's Halloween themed fireworks. Foxconn has been one of the biggest corporate names affected by a quasi-lockdown of Zhengzhou, a major logistics hub in central China. In recent days, videos appearing to show departing Foxconn workers laden with luggage and walking along village roads towards their home towns have gone viral on Chinese social media.

☆ A Disney resort in China is locked down because of Covid and visitors can't leave
▼ + stars: | 2022-10-31 | by ( ) www.nbcnews.com time to read: +2 min

The theme park continued to operate rides for visitors stuck in the park during the closure on Monday, social media users reported. A Shanghai Disney Resort spokesperson said the resort was still operating “limited offerings” and that they were following measures in line with guidelines from Chinese health authorities. The closure marks the latest disruption for the Shanghai Disney Resort, which was shut for over three months during Shanghai’s lockdown earlier this year. Reuters was not able to verify the authenticity of the videos and the Shanghai Disney Resort did not respond when asked about on how many visitors were inside. The Universal Resort in the country’s capital of Beijing reopened on Monday after a five-day closure, which was also prompted by virus measures.

☆ Fearing COVID, workers flee from Foxconn's vast Chinese iPhone plant
▼ + stars: | 2022-10-31 | by ( Ryan Woo | ) www.reuters.com time to read: +4 min

He walked through the night, keeping to a northerly route, towards his hometown of Hebi, every step taking him farther away from iPhone maker Foxconn's (2317.TW) Zhengzhou plant, the Taiwan-based group's largest in mainland China. "There were so many people on the road," Yuan told Reuters on Monday, declining to give his full name because of the matter's sensitivity. "People would be called away in the middle of work, and if they don't show up the next day, that would mean they had been taken away," Yuan said. On Sunday afternoon, the company told Reuters in an emailed statement that workers were allowed to leave if they chose to. "I'll never go back to Foxconn," said Yuan, who has since been transported to Hebi and put under quarantine.

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