The Anaheim City Council gave final approval today to DisneylandForward, the $1.9 billion, Disney’s multi-decade expansion plan for Walt’s original park. Today’s 7-0 procedural vote came after a unanimous vote approving the project in April. The zoning and other changes laid out by the plan to take effect in 30 days.
Those changes include zoning that will allow mixed use development where it does not exist now. The proposal allows the redeployment of some 57 acres of parking and unused land. Artists’ renderings of the plans provided by Disney, while conceptual, show one major development to the west of the current parks near the Disneyland Hotel and another to the southeast of California Adventure. Both plots are currently dedicated mostly to parking.
That would allow theme park attractions alongside hotels on the west side of Disneyland Drive. See rendering below.
It would also allow theme park attractions alongside new shopping,...
Those changes include zoning that will allow mixed use development where it does not exist now. The proposal allows the redeployment of some 57 acres of parking and unused land. Artists’ renderings of the plans provided by Disney, while conceptual, show one major development to the west of the current parks near the Disneyland Hotel and another to the southeast of California Adventure. Both plots are currently dedicated mostly to parking.
That would allow theme park attractions alongside hotels on the west side of Disneyland Drive. See rendering below.
It would also allow theme park attractions alongside new shopping,...
- 5/8/2024
- by Tom Tapp
- Deadline Film + TV
Disney’s latest quarterly earnings report and conference call with management had much for Wall Street to like, including progress toward streaming profits and an increased full-year earnings forecast, but it wasn’t enough to keep its shares from dropping around 10 percent on Tuesday.
As of 12:15 p.m. E.T., Disney’s stock was down 10.4 percent at $104.32, making it one of the stock’s worst days over the past year.
While many analysts sounded upbeat notes on several fronts, especially Disney’s moving closer to streaming profitability, the Hollywood conglomerate reported mixed fiscal second-quarter earnings and some near-term challenges, including at theme parks. Newish Disney CFO Hugh Johnston, for example, warned on the earnings call that despite “healthy demand” at parks, “we are seeing some evidence of a global moderation from peak post-covid travel.”
All in all, it wasn’t enough to boost bullishness to new heights. And with...
As of 12:15 p.m. E.T., Disney’s stock was down 10.4 percent at $104.32, making it one of the stock’s worst days over the past year.
While many analysts sounded upbeat notes on several fronts, especially Disney’s moving closer to streaming profitability, the Hollywood conglomerate reported mixed fiscal second-quarter earnings and some near-term challenges, including at theme parks. Newish Disney CFO Hugh Johnston, for example, warned on the earnings call that despite “healthy demand” at parks, “we are seeing some evidence of a global moderation from peak post-covid travel.”
All in all, it wasn’t enough to boost bullishness to new heights. And with...
- 5/7/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
Disney started with over $116 a share ahead of its earnings call, but that quickly ended as the stock price plummeted $11 per share due to reports of a weak Q3.
The Q2 earnings were mostly positive, with gains made in streaming and improving ESPN+ losses. Most of their goals were met or exceeded.
So why did the stock plummet?
One reason could be that Disney CEO Bob Iger and senior executive VP and CFO Hugh Johnston kept reporting that they expect those gains to go away during Q3.
Several times during the investment call, they mentioned that they expect the third quarter to see a decline due to various factors, including higher wages, pre-opening costs related to Disney Cruise Lines’s upcoming Disney Adventure and Disney Treasure ships, and their new Lookout Cay island. During the call it was also mentioned that there was a “one-time” payout coming, but they didn’t explain what that was.
The Q2 earnings were mostly positive, with gains made in streaming and improving ESPN+ losses. Most of their goals were met or exceeded.
So why did the stock plummet?
One reason could be that Disney CEO Bob Iger and senior executive VP and CFO Hugh Johnston kept reporting that they expect those gains to go away during Q3.
Several times during the investment call, they mentioned that they expect the third quarter to see a decline due to various factors, including higher wages, pre-opening costs related to Disney Cruise Lines’s upcoming Disney Adventure and Disney Treasure ships, and their new Lookout Cay island. During the call it was also mentioned that there was a “one-time” payout coming, but they didn’t explain what that was.
- 5/7/2024
- by Kambrea Pratt
- Pirates & Princesses
Disney’s adjusted earnings per share for the March quarter beat Wall Street forecasts — but the company’s stock price stumbled amid concerning signs for the Mouse House.
Shares of Disney were down 10.4%, to $104.41/share, as of noon Et on Tuesday, before closing at $105.39/share (down 9.5% for the day). The pullback comes after the stock was up 29% year to date as of Monday.
While Disney’s theme parks business drove top- and bottom-line growth for the first three months of 2024 — with revenue growth of 10% and segment operating income up 12% — the company said the June quarter’s segment operating income is expected to come in roughly comparable to the prior year, with revenue flat.
On the earnings call, CFO Hugh Johnston told analysts, “While consumers continue to travel in record numbers and we are still seeing healthy demand, we have seen some evidence of a global moderation from peak post-covid travel” at Disney’s theme parks.
Shares of Disney were down 10.4%, to $104.41/share, as of noon Et on Tuesday, before closing at $105.39/share (down 9.5% for the day). The pullback comes after the stock was up 29% year to date as of Monday.
While Disney’s theme parks business drove top- and bottom-line growth for the first three months of 2024 — with revenue growth of 10% and segment operating income up 12% — the company said the June quarter’s segment operating income is expected to come in roughly comparable to the prior year, with revenue flat.
On the earnings call, CFO Hugh Johnston told analysts, “While consumers continue to travel in record numbers and we are still seeing healthy demand, we have seen some evidence of a global moderation from peak post-covid travel” at Disney’s theme parks.
- 5/7/2024
- by Todd Spangler
- Variety Film + TV
Fireworks at Disney’s first-quarter earnings amid a bitter proxy fight quieted down in the second and the company’s commentary on a call today, especially around the parks business, generated some investor angst and knocked the stock lower.
Disney shares are down nearly 10% late morning at about $105.
Parks, as has been the pattern, was outstanding for the three months ended in March with revenue up 10% and operating income up 12%. But the future may not be as clear.
The uptick was driven by international led by Hong Kong Disneyland. Walt Disney World and the cruise line were solid. But Disneyland, despite growing attendance and per capita spend, saw results dip year-on-year on higher costs, including labor, said CFO Hugh Johnston on an earnings call with analysts.
A big surprise — he said Parks growth in the current fiscal third quarter will be flat for a few reasons including “some normalization of...
Disney shares are down nearly 10% late morning at about $105.
Parks, as has been the pattern, was outstanding for the three months ended in March with revenue up 10% and operating income up 12%. But the future may not be as clear.
The uptick was driven by international led by Hong Kong Disneyland. Walt Disney World and the cruise line were solid. But Disneyland, despite growing attendance and per capita spend, saw results dip year-on-year on higher costs, including labor, said CFO Hugh Johnston on an earnings call with analysts.
A big surprise — he said Parks growth in the current fiscal third quarter will be flat for a few reasons including “some normalization of...
- 5/7/2024
- by Jill Goldsmith
- Deadline Film + TV
Disney is exploring licensing some more of its content.
“We’re already doing some licensing with Netflix, and we’re looking selectively at other possibilities. I don’t want to declare that it’s a direction we’ll go more aggressively or not. But we certainly are taking a look at it and being expansive in our thinking about it,” Disney CEO Bob Iger said on the company’s earnings call Tuesday.
In the past, Iger had eschewed the thought of licensing to third parties, and specifically to Netflix, saying in a January 2022 interview with The New York Times that it would be like “selling nuclear weapons technology to a Third World country, and now they’re using it against us.”
However, in November 2023, Iger said that while the company won’t “chase bucks,” it was already licensing some content to Netflix and would continue to do so. At the...
“We’re already doing some licensing with Netflix, and we’re looking selectively at other possibilities. I don’t want to declare that it’s a direction we’ll go more aggressively or not. But we certainly are taking a look at it and being expansive in our thinking about it,” Disney CEO Bob Iger said on the company’s earnings call Tuesday.
In the past, Iger had eschewed the thought of licensing to third parties, and specifically to Netflix, saying in a January 2022 interview with The New York Times that it would be like “selling nuclear weapons technology to a Third World country, and now they’re using it against us.”
However, in November 2023, Iger said that while the company won’t “chase bucks,” it was already licensing some content to Netflix and would continue to do so. At the...
- 5/7/2024
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Disney CEO Bob Iger said the company will limit its output of Marvel movies to “two good films” a year — three maximum — from about four and also cut the numbers of TV series spinoffs for the franchise.
Speaking on a conference call with analysts Tuesday after quarterly numbers, Iger took questions about the studio strategy after some high-profile misses led to widespread talk of “superhero fatigue.”
Marvel shows will dip to two series a year from four. He called output “a vestige of basically a desire in the past to increase volume. We are stemmed from a desire in the past to increase volume. We are slowly going to decrease volume.”
Iger said he’s “working hard with the studio to reduce output and focus more on quality” and that “overall I feel great” about how things are shaping up.
Related: Disney Stock Dips As Theme Park Comments Rattle Market...
Speaking on a conference call with analysts Tuesday after quarterly numbers, Iger took questions about the studio strategy after some high-profile misses led to widespread talk of “superhero fatigue.”
Marvel shows will dip to two series a year from four. He called output “a vestige of basically a desire in the past to increase volume. We are stemmed from a desire in the past to increase volume. We are slowly going to decrease volume.”
Iger said he’s “working hard with the studio to reduce output and focus more on quality” and that “overall I feel great” about how things are shaping up.
Related: Disney Stock Dips As Theme Park Comments Rattle Market...
- 5/7/2024
- by Jill Goldsmith
- Deadline Film + TV
Disney is on the precipice of the entertainment industry’s white whale: Profitability in streaming.
The company reported its fiscal second quarter earnings early Tuesday morning, disclosing that its combined direct-to-consumer businesses of Disney+, Hulu and ESPN+ lost only $18 million last quarter, on revenues of $6.2 billion, and that when ESPN+ is removed from that equation, the entertainment streaming business was actually profitable, with revenues of $5.6 billion and a net profit of $47 million.
While the company warns that Q3 will be choppier thanks to some changes at Disney+ Hotstar, it says that expects the streaming division to be fully in the black in fiscal Q4, and to be a “meaningful future growth driver for the company” after that.
Charter’s big deal with Disney was also a major factor in the quarter, helping to cause Disney+ subscribers to surge by more than 6 million to 117.6 million, however the average revenue per subscriber...
The company reported its fiscal second quarter earnings early Tuesday morning, disclosing that its combined direct-to-consumer businesses of Disney+, Hulu and ESPN+ lost only $18 million last quarter, on revenues of $6.2 billion, and that when ESPN+ is removed from that equation, the entertainment streaming business was actually profitable, with revenues of $5.6 billion and a net profit of $47 million.
While the company warns that Q3 will be choppier thanks to some changes at Disney+ Hotstar, it says that expects the streaming division to be fully in the black in fiscal Q4, and to be a “meaningful future growth driver for the company” after that.
Charter’s big deal with Disney was also a major factor in the quarter, helping to cause Disney+ subscribers to surge by more than 6 million to 117.6 million, however the average revenue per subscriber...
- 5/7/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Updated with new exec comments. Disney CEO Bob Iger has offered more precise timing for Disney’s previously announced plan to crack down on password sharing on streaming flagship Disney+, saying it will start rolling out in June.
During a wide-ranging CNBC interview Thursday after a successful effort to thwart activist investor Nelson Peltz in a proxy fight, Iger said, “In June we’ll be launching our first real foray into password sharing.” The initiative, he added, will start in “just a few countries in a few markets, but then it will grow significantly with a full rollout in September.” Along with other aspects to the company’s streaming strategy, the Netflix-like stance on passwords “will turn this business into a business that we feel really good about.”
The company had announced in February that it was targeting summer 2024 for the new plan.
Previously:
Disney this summer will roll...
During a wide-ranging CNBC interview Thursday after a successful effort to thwart activist investor Nelson Peltz in a proxy fight, Iger said, “In June we’ll be launching our first real foray into password sharing.” The initiative, he added, will start in “just a few countries in a few markets, but then it will grow significantly with a full rollout in September.” Along with other aspects to the company’s streaming strategy, the Netflix-like stance on passwords “will turn this business into a business that we feel really good about.”
The company had announced in February that it was targeting summer 2024 for the new plan.
Previously:
Disney this summer will roll...
- 4/5/2024
- by Dade Hayes
- Deadline Film + TV
After Wednesday’s annual shareholder meeting — featuring CEO Bob Iger successfully fending off dissident investors, led by Trian’s Nelson Peltz — Wall Street experts are gaming out the next steps Disney may take as it plots out room for growth.
Analysts took stock of the vote’s impact on and outlook for Disney, its stock, and its management team, led by Iger. Succession planning and the need to optimize streaming and pay-tv profits are among the key priorities they outlined.
Disney shares closed down 3.1 percent at $118.98 on Wednesday, but were up slightly in Thursday pre-market trading.
MoffettNathanson analysts Michael Nathanson and Robert Fishman maintained their “buy” rating on Disney shares, but increased their stock price target by $10 to $135, citing “a higher market multiple and increased conviction in our full-year 2025 earnings per share estimates.”
Addressing the stock’s outlook, they shared: “While it might have admittedly taken longer than we first...
Analysts took stock of the vote’s impact on and outlook for Disney, its stock, and its management team, led by Iger. Succession planning and the need to optimize streaming and pay-tv profits are among the key priorities they outlined.
Disney shares closed down 3.1 percent at $118.98 on Wednesday, but were up slightly in Thursday pre-market trading.
MoffettNathanson analysts Michael Nathanson and Robert Fishman maintained their “buy” rating on Disney shares, but increased their stock price target by $10 to $135, citing “a higher market multiple and increased conviction in our full-year 2025 earnings per share estimates.”
Addressing the stock’s outlook, they shared: “While it might have admittedly taken longer than we first...
- 4/4/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
It’s the end of an era at Microsoft.
The giant company announced Friday that co-founder and Technology Advisor Bill Gates stepped down from the board of directors to dedicate more time to his philanthropic efforts, including global health, development, education and his increasing work tackling climate change. He’ll continue to serve as Technology Advisor to CEO Satya Nadella and other executives.
More from DeadlineBill Gates Docuseries From 'Inconvenient Truth' Director Set At NetflixSun Valley Agenda Details: Pro Sports Rights, Brexit, Mike Pompeo And MoreBill Gates To Guest Star In 'The Big Bang Theory'
His book, How To Avoid a Climate Disaster, is set to comes out this summer. A recent project funded by the Bill & Melinda Gates Foundation developed an at-home test kit for residents of the Seattle area, the region in the U.S. hit hardest by the coronavirus. Microsoft is headquartered in nearby Redmond.
The giant company announced Friday that co-founder and Technology Advisor Bill Gates stepped down from the board of directors to dedicate more time to his philanthropic efforts, including global health, development, education and his increasing work tackling climate change. He’ll continue to serve as Technology Advisor to CEO Satya Nadella and other executives.
More from DeadlineBill Gates Docuseries From 'Inconvenient Truth' Director Set At NetflixSun Valley Agenda Details: Pro Sports Rights, Brexit, Mike Pompeo And MoreBill Gates To Guest Star In 'The Big Bang Theory'
His book, How To Avoid a Climate Disaster, is set to comes out this summer. A recent project funded by the Bill & Melinda Gates Foundation developed an at-home test kit for residents of the Seattle area, the region in the U.S. hit hardest by the coronavirus. Microsoft is headquartered in nearby Redmond.
- 3/13/2020
- by Jill Goldsmith
- Deadline Film + TV
AOL said Wednesday it has appointed Karen Dykstra as its CFO. Dykstra, who has been a member of AOL's board of directors for nearly three years, replaces Artie Minson, who became the company's COO in June. With her CFO appointment, she'll resign from the board. AOL said Pesico CFO Hugh Johnston was elected as a new board member, and CEO Tim Armstrong said at the Goldman Sachs Communacopia conference in New York that AOL seeks two more directors. Dykstra is based in New York and reports to Armstrong. "My team is in place, the company is returning to growth, and
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- 9/19/2012
- by Paul Bond
- The Hollywood Reporter - Movie News
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