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Mediatech Capital Partners managing partner Porter Bibb and Circle Squared Alternative Investments chairman Jeff Sica weigh on Disney’s market performance.
The Walt Disney Co. increases the number of employees slated for early 2021 by around 4,000 – mostly at its theme parks – bringing the total to 32,000, as the entertainment giant continues to fight closures and limits of coronaviruses due to the pandemic.
In an SEC filing on Wednesday, Disney revealed its plans for the expanded layoffs – largely in the Disney Parks, Experiences and Products division. In September, the entertainment giant announced it would cut its workforce by 28,000 employees.
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Overall, the company estimates the net negative impact of COVID-19 on its full-year segment operating profit across all of its businesses to be approximately $ 7.4 billion.
Disney parks, experiences and products accounted for $ 6.9 billion of these losses, as revenues from closed theme parks or attractions like Downtown Disney, which include shops and restaurants, are low or nonexistent. Downtown Disney in California recently reopened with restrictions and recommendations.
As of October 3, Disney employed approximately 203,000 people, including approximately 155,000 in Disney parks, experiences and products. The global workforce was made up of around 80% full-time and 20% part-time, with almost 1% of part-time workers being seasonal employees.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| Dis | WALT DISNEY COMPANY | 149.09 | -2.40 | -1.58% |
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The pandemic has also negatively impacted Disney’s merchandise licensing business. Its studio entertainment segment has delayed, or in some cases shortened or canceled theatrical releases – moving several titles such as “Mulan” to its Disney + streaming service. Its Broadway productions have been suspended since the end of the second quarter.
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Advertising sales in the company’s media networks and direct-to-consumer and international segments also suffered. Since March 2020, there have been significant disruptions in the production and availability of content, including the move of major live sports broadcasts from the third quarter to the fourth quarter and into fiscal 2021.
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Production of most film and television content has been suspended since the end of the second quarter, although some film and television productions resumed in the fourth quarter, according to the filing.
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