The Walt Disney Company (DIS) - NYSE
  • Mon, Jun. 20, 11:07 AM
    • ESPN will acquire half of the Big 10 conference's media rights at an average spend of $190M per year, according to SportsBusiness Journal. The developments ends some speculation that Disney (DIS +1.1%) would back off a bit from the live rights bidding wars.
    • Fox Sports (FOXA, FOX) holds the rights to the other half of the Big 10 media rights, while CBS Sports has a separate deal for a basketball package. The Big 10 Network (51%-owned by Fox) also has its own set of rights across a variety of sports. The Big 10 increased its value by adding Rutgers and University of Maryland to the conference which have a combined enrollment of 100K and millions of alums on the East Coast.
    • The Big Ten Conference will bring in about $2.64B over the six years after all the deals are factored in which could re-ignite the debate over paying athletes as the member schools all reap huge payments.
    | Mon, Jun. 20, 11:07 AM | 2 Comments
  • Mon, Jun. 20, 7:37 AM
  • Sun, Jun. 19, 2:59 PM
    • The weekend box office tally for Disney's (NYSE:DISFinding Dory set a record for an animated movie as the film dominated the three-day period (3X second place Central Intelligence).
    • The Pixar film took an estimated $136M to blast past the $110M that Toy Story 3 brought in six years ago.
    • Dory also brought in another $50M in the 29 international markets where it opened.
    • Dory earned an "A" from Cinemascore which is a strong indication that it will have some summer legs and bodes well for the consumer product tie-ins.
    • Shares of Disney were up 2% last week, despite all the bad news from the Orlando area. Analysts weighing in kept their focus on the long-term implications of the Shanghai theme park introduction.
    | Sun, Jun. 19, 2:59 PM | 16 Comments
  • Fri, Jun. 17, 2:48 AM
    • Disney (NYSE:DIS) is installing signs that warn theme-park guests about alligators after a 2-year-old boy was snatched and killed by one of the animals at the company's Orlando resort on Tuesday.
    • The boy's family has not yet announced if it will file suit, but relatives said they were "devastated" and thanked "local authorities and staff who worked tirelessly" after the attack.
    | Fri, Jun. 17, 2:48 AM | 104 Comments
  • Thu, Jun. 16, 3:02 AM
    • Walt Disney (NYSE:DIS) has opened the gates to its first theme park in China, Shanghai Disneyland, marking the company's largest overseas investment at a price of $5.5B.
    • "China obviously represents incredible potential for the Walt Disney Company," CEO Bob Iger told reporters.
    • The resort is a joint venture with state-owned Shendi Group, which has a 57% stake - a concession agreed during lengthy negotiations.
    | Thu, Jun. 16, 3:02 AM | 31 Comments
  • Wed, Jun. 15, 8:21 AM
    • A 2-year old boy is missing after being attacked by an alligator at Disney's (NYSE:DIS) Grand Floridian Resort & Spa in Orlando. The Grand Floridian is a high-end property that is located just across a lake from the Magic Kingdom.
    • Law enforcement officials said the child was wading along the edge of the lake in an area marked with "no swimming signs" when the attack took place.
    | Wed, Jun. 15, 8:21 AM | 234 Comments
  • Wed, Jun. 1, 7:03 PM
    • Sheryl Sandberg, chief operating officer at Facebook (NASDAQ:FB), is dampening speculation that she could be the one to take the top executive spot at Walt Disney (NYSE:DIS).
    • “I don’t want another job,” Sandberg said at the Code Conference. Sandberg, a Disney board member, is one of the names that has come up as a potential replacement for Disney chief Bob Iger, after the heir apparent, Disney COO Tom Staggs, stepped down from his post last month.
    • On Disney's earnings call last month, Iger addressed the hovering questions saying that he didn't (currently) have plans to extend his CEO contract beyond its June 2018 expiration, but that the board was very involved and would find the right candidate in time.
    • Meanwhile, Sandberg said that billionaire Peter Thiel would remain on Facebook's board despite a free-speech controversy spurred by his long-term funding of lawsuits against online publisher Gawker.
    • The company didn't have knowledge of what was going on, she said. “We have very independent board members with very independent thoughts they share separately; those strong people make strong board members because they have strong views.”
    | Wed, Jun. 1, 7:03 PM | 31 Comments
  • Tue, May 31, 12:07 PM
    • Walt Disney (NYSE:DIS) is lower today, down 1.4%, after the holiday weekend provided a rare 2016 misstep at the box office for the Mouse House.
    • With a full four-day weekend in the can, X-Men: Apocalypse (FOX -0.3%, FOXA) grossed $80M to lead all films, while Disney's Alice Through the Looking Glass flopped with $34.1M, compared to expectations for $60M or more.
    • Behind the two newcomers, The Angry Birds Movie (SNE -0.5%) showed strong retention, falling off to just $24.6M in its second week ($72.3M cumulative).
    • Also plaguing Disney today are reports that its spinoff Rogue One: A Star Wars Story isn't pleasing the company's executives -- test screenings aren't going well -- and that the film is headed for a month of expensive reshooting in July.
    • Taking the edge off Disney's short-term film woes: The weekend likely put the studio over $4B globally so far this year, and Captain America: Civil War (No. 4 with $19.7M for weekend; worldwide total of $1.11B) and The Jungle Book (No. 6 with $9.2M for weekend; worldwide total of $879.8M) are still going strong.
    • Previously: Disney plans tough response to characters appearing at Chinese rival park (May. 31 2016)
    | Tue, May 31, 12:07 PM | 62 Comments
  • Tue, May 31, 10:38 AM
    • Walt Disney (DIS -1.5%) says it's going to "vigorously" go after intellectual property violators in China after a rival park's weekend opening featured appearances from Captain America and Snow White, as well as Mickey Mouse and a few Star Wars stormtroopers.
    • Disney is just two weeks away from the opening of its $5.5B Shanghai resort, a crucial catalyst for the company in a massive market. But Dalian Wanda Group is taking on the Disney challenge with a plan to open more than a dozen parks.
    • Wanda's latest park, Wanda City, opened this weekend in Jianxi province, and Disney characters were in evidence. "Our characters and stories have delighted generations; these illegal and substandard imitations unfortunately disappoint all who expect more," Disney said in a statement.
    • Wanda, meanwhile, has said the characters didn't represent its company and that they appeared thanks to individual stores within Wanda Mall, which it says it can't control. Disney says it's "perplexed" that Wanda Chairman Wang Jianlin, China's richest man, would pick a public battle at this point.
    • Wang has fanned some nationalist flames over culture, saying Disney's "tiger" will be no match for his "pack of wolves" -- 15 theme parks he's planning -- and that he would ensure Shanghai Disneyland is unprofitable for the next decade or more.
    | Tue, May 31, 10:38 AM | 51 Comments
  • Thu, May 26, 7:12 PM
    • Four Hollywood studios have now backed off from supporting the movie-exhibition practice called "clearance," which has drawn scrutiny (and lawsuits) from the Justice Dept.
    • Movie theaters by tradition have asked studios to support the practice, allowing some of them exclusive access to showing some movies in a market.
    • But with Lions Gate (NYSE:LGF) and Universal (NASDAQ:CMCSA) joining Paramount (VIA, VIAB) and Fox (FOX, FOXA, which has stopped honoring clearance starting with this weekend's X-Men: Apocalypse), a majority of major studios are now lined up against.
    • That means some films may see wider or different distribution as theaters show them who wouldn't previously have been able to. And it may act as a check against increasingly powerful theater chains, including AMC, Regal (NYSE:RGC) and Cinemark (NYSE:CNK). Last year, iPic Entertainment sued AMC and Regal, charging that clearance was designed to drive business away; that case is scheduled for an October trial.
    • Disney (NYSE:DIS), Warner Bros. (NYSE:TWX) and Sony Pictures (NYSE:SNE) haven't yet indicated any change in stance toward the practice, though.
    | Thu, May 26, 7:12 PM | 4 Comments
  • Thu, May 26, 9:27 AM
    • Netflix (NASDAQ:NFLX) is up 3.7% premarket, and Time Warner (NYSE:TWX) up 0.9%, after the two were linked as takeover targets in a story about Apple's (NASDAQ:AAPL) content ambitions.
    • The Financial Times reports that Apple exec Eddy Cue raised the idea of buying Time Warner at a meeting with the company's head of corporate strategy at the end of last year.
    • Those ideas didn't get to Apple chief Tim Cook or Time Warner CEO Jeff Bewkes, sources told the FT, but the story does suggest Apple may not be content just talking about licensing others' content for a future TV service.
    • Meanwhile, several bankers suggest to the FT that Netflix is a more likely target for Apple, since an Apple service could then still support a wider range of content makers.
    • Several media companies would be bad targets for Apple because of dual-share structures that favor founders or family ownership (like Comcast, Fox, CBS, and Viacom). Notable exceptions to that concern are Time Warner and Walt Disney (NYSE:DIS).
    | Thu, May 26, 9:27 AM | 50 Comments
  • Tue, May 24, 7:55 PM
    • Making good on CEO Les Moonves' upbeat projections, CBS (CBS +1.8%) is wrapping up a stellar run on top of the ratings, logging its eighth straight year as the most-watched network overall as well as grabbing demographic coups.
    • It was also the network's 13th overall ratings win in 14 years (Fox (FOX +1.4%, FOXA +1.4%) stole a year in 2007-08 during the writer's strike).
    • With just a few nights left to count, CBS has won adults 18-49 for just the second time in 24 years, with the help of Super Bowl (which helped the last time it did so, three years ago). It's also No. 1 in adults 25-54 for the ninth time in 13 years.
    • Meanwhile, NBC (CMCSA +1%) had the best first-year class, with new drama hits Blindspot and Chicago Med, and had its most-watched season without a Super Bowl or Olympics in nine years. It would have virtually tied CBS in adults 18-49 if not for the Super Bowl.
    • ABC (DIS +0.3%) saw its ratings decline 14% this year, and decline 18% among adults 18-49.
    • Among the big broadcasters in total, though, viewership declined 7% to another record low amid even greater program variety from newer programming/digital entrants.
    | Tue, May 24, 7:55 PM | 2 Comments
  • Mon, May 16, 3:14 PM
    • Disney's had a bit of a ride after its first earnings miss in two years, but everything's still coming up Walt at the box office, as the studio held the two top grossing films for the second straight weekend.
    • Captain America: Civil War (NYSE:DIS) built on its strong opening with a $72.6M weekend domestically, and The Jungle Book held down the No. 2 spot despite being in its fifth week of release, with $17.8M.
    • Those two outpaced a couple of relatively solid debuts: Finance-focused Money Monster (SNE +1.1%), with Julia Roberts and George Clooney, was No. 3 with $15M, and low-end Blumhouse thriller The Darkness was No. 4 with $5.2M.
    • Captain America: Civil War added to its overseas take to bring a worldwide cumulative total to $940.9M -- and, as the 13th film in the Marvel Cinematic Universe, it's been the one to push that 20-film plan to over $10B in worldwide box office.
    • Disney shares have declined 5.8% since Tuesday, but are flat today.
    • Now read Don't Let Disney's Recent Woes Deter You From The Stock »
    | Mon, May 16, 3:14 PM | 10 Comments
  • Wed, May 11, 10:33 AM
    • Walt Disney (NYSE:DIS) is off 4.2%, giving up a chunk of the past month's gains (it was up 10.8% since April 12), after yesterday saw the company's first earnings miss in more than two years.
    • Analysts have poured out updates today. Regarding the elephant in Disney's earnings room, ESPN, Piper Jaffray says the network wasn't the reason for weakness, and that ad sales are pacing up there (and scatter pricing is trending 20% above upfront levels at ABC). The firm's Stan Meyers maintains Disney at Overweight with a $120 price target.
    • Bernstein (Market Perform, $110 price target) suspects the stock may be caught in a range as estimates legged down again. Consumer products missed (though that may be a problem of systematically high forecasting, not a business problem, analyst Todd Juenger says) and a revenue slowdown at Parks may mainly be yield management -- which leaves (undisclosed) domestic affiliate fees as the key worry. They're liable to decelerate again in H2 as Time Warner Cable and Charter merge, Juenger says.
    • Deutsche Bank acknowledged a tough quarter but noted guidance wasn't as bad as it looked at first. Advertising outlook isn't related to the New Year's college football playoff timing that spurred a decline in Q2, and films and parks look like they can outperform expectations. Consumer products missed "pretty materially (18%)," but "Consumer Products & Interactive Media is an inherently volatile business from quarter to quarter." It's maintaining a Hold rating and $113 price target.
    • Topeka Capital Markets barely trimmed its price target (to $129 from $130) and rates the stock a Buy. Jefferies Group, meanwhile, reiterated its Hold and cut its price target further, to $92 from $101.05, noting "downside risk to Cable segment EBIT, tough Studio comps (F3Q should be another big quarter), and a deceleration in domestic Park EBIT growth in F17 and beyond."
    | Wed, May 11, 10:33 AM | 16 Comments
  • Wed, May 11, 9:12 AM
    | Wed, May 11, 9:12 AM
  • Tue, May 10, 5:43 PM
    • Last summer, with trouble brewing at ESPN, Walt Disney (NYSE:DIS) CEO Bob Iger took the subject head-on at the very beginning of the company's earnings call. This afternoon, it's all about the wild success in Filmed Entertainment and upcoming Shanghai park launch that led off a relatively brief set of prepared remarks, rather than the sports network or who takes over for its departed COO (and what that means for Iger's departure).
    • With the call still under way, shares are now down 5.3% in after-hours trade following the earnings miss.
    • Disney became the fastest ever to $1B at the domestic box office -- hitting it last weekend in just 128 days, beating last year's record (Universal, in 165 days), with the help of the all-time fifth-best opening, by Captain America: Civil War.
    • But at ESPN, ad revenue fell 13%. Iger declined to give numbers on over-the-top deals when it comes to Sling TV and Sony, but "we anecdotally were told that after ESPN was included in their package, they saw a very encouraging trend in sign-ups." He added that he doesn't believe getting into Hulu distribution will affect current distribution relationships.
    • As for the surprising exit of Iger's heir apparent, COO Thomas Staggs, Iger says "we're sorry what came to pass," but "I will remind people that I have just over two years left" as CEO, the board is very actively engaged in succession planning, and "I don't currently have any plans to extend beyond the June [2018] expiration date."
    | Tue, May 10, 5:43 PM | 13 Comments
Company Description
The Walt Disney Co. together with its subsidiaries and affiliates is a diversified international family entertainment and media enterprise. It operates through five business segments: Media Networks, Parks & Resorts, Studio Entertainment, Consumer Products and Interactive Media. The Media... More
Sector: Services
Industry: Entertainment - Diversified
Country: United States