All posts tagged: The Walt Disney Company

Josh D’Amaro Lays Out Disney Strategy in First Earnings Call as CEO

Josh D’Amaro Lays Out Disney Strategy in First Earnings Call as CEO

Published by Daniella Wilson

Walt Disney Co. CEO Josh D’Amaro is laying out his long-term vision for the company, using his first quarterly earnings report since succeeding Bob Iger two months ago to introduce himself to Wall Street, and explain where he sees the company going. The company beat Wall Street expectations in its fiscal Q2, which ended March 3, reporting revenue of $25.2 billion (up 7 percent) and segment operating income of $4.6 billion (up 4 percent). Disney’s entertainment division led the pack, with revenues of $11.7 billion, up 10 percent from a year ago and operating income of $1.3 billion, up 6 percent. That was followed by experiences, which had revenues of $9.5 billion, up 7 percent, with operating income of $2.6 billion, up 5 percent (they also said that the Abu Dhabi park plans remain “unchanged” given the years-long development process). Sports, which is mostly comprised of ESPN, had revenue of $4.6 billion, up 2 percent, and operating income of $652 million, down 5 percent. The company also further adjusted its guidance, raising its share buyback …

Disney Layoffs Hit Studios, TV, ESPN Under New CEO Josh D’Amaro

Disney Layoffs Hit Studios, TV, ESPN Under New CEO Josh D’Amaro

Published by Daniella Wilson

Layoffs are hitting The Walt Disney Co., beginning Tuesday. CEO Josh D’Amaro, only a month into the job, informed staff of the cuts in a memo. A source familiar with the matter tells The Hollywood Reporter that around 1,000 jobs are expected to be eliminated. Cuts are expected in the company’s unified marketing organization under Asad Ayaz, which Disney announced in January, as well as in its studios and TV businesses, ESPN, product & technology, and certain corporate functions. The unified marketing structure brought all of Disney’s sprawling marketing apparatus, from films, TV and ESPN to streaming and theme parks, into one group. The company is said to be shifting more resources to other strategic priorities, especially given the rapid changes facing the entertainment business. “Over the past several months, we have looked at ways in which we can streamline our operations in various parts of the company to ensure we deliver the world-class creativity and innovation our fans value and expect from Disney,” D’Amaro wrote in his memo. “Given the fast-moving pace of our …

Disney New CEO Josh D’Amaro on His Vision for Company

Disney New CEO Josh D’Amaro on His Vision for Company

Published by Daniella Wilson

As Josh D’Amaro prepares to step into the Disney CEO shoes, succeeding Bob Iger, he’s now opening up about his vision for the media and entertainment empire’s future. Earlier Tuesday, the Walt Disney Co. revealed D’Amaro’s promotion, while also announcing that Dana Walden has been elevated to president and chief creative officer. The pair transitions to their new roles on March 18. Below are excerpts from D’Amaro and Iger’s sit-down interview with David Muir for ABC World News Tonight about the future of Disney, the company’s legacy, taking risks, protecting actors while embracing AI and more. On balancing legacy, innovation and Disney’s place in people’s lives… “I’ve been at the company now for 27 years,” D’Amaro says. “I’ve had the great benefit and the great honor of working with Bob for all of those years. First from a distance and now much more up close and personal. And I’ve watched probably the best of the best balance those two things. As Bob talks about being close to the fans and the guests, this is something that’s important …

ESPN Value Revealed as Billion in Connection With NFL Mega Deal

ESPN Value Revealed as $30 Billion in Connection With NFL Mega Deal

Published by Daniella Wilson

ESPN is valued at about $30 billion, with the National Football League’s 10 percent equity stake in the sports media giant securing an estimated fair market value of $3 billion, according to The Walt Disney Co.’s latest quarterly earnings report. Disney and the NFL closed their mega deal in the last week, giving the league its non-controlling interest, leaving Disney with 72 percent, and Hearst with 18 percent. According to the company’s 10-Q, Disney will have an option to reacquire the NFL’s stake in ESPN after July 2034, based on the division’s performance, in exchange for a ten-year note at 70 percent of the then fair market value of the NFL’s interest in ESPN. The league, meanwhile, has an option to acquire an additional 4 percent of ESPN on a similar timetable, also at 70 percent market value. The deal will see ESPN fully own NFL Network, with plans to bake it into the ESPN streaming service. The RedZone channel, meanwhile, will join Disney’s linear portfolio, with Disney also planning to merge its ESPN fantasy football …