Tuesday, May 28

Disney plans to quadruple theme park spending to $60 billion over the next ten years

According to a filing on Tuesday, Walt Disney Co. stated that it intends to invest US$60 billion (RM280.92 billion) in its parks and resorts business in the following ten years.

The world’s largest theme park operator stated that it had over 1,000 acres of land available for development and emphasised the growth it has enjoyed in recent years as a result of investments in rides, cruise ships, and other attractions based on its films and characters.

The world’s largest entertainment corporation has been grappling with tectonic shifts in the TV and film industries as consumers increasingly watch programming on streaming services rather than traditional TV and movie theaters. In addition to seeking a strategic partner at ESPN, Iger has stated that the business may sell established channels like ABC.

After the board ousted CEO Bob Chapek in November, Iger took over again to lead the business. The price of Disney stock has reached a nine-year low.

Separately, Warner Music Group said that it has appointed Bryan Castellani, a seasoned Disney finance veteran, as its new chief financial officer.

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