Posted
With the movie and theme park industries still reeling from the disastrous impact of the coronavirus pandemic, the Walt Disney Company on Thursday posted a rare annual loss of $2.8 billion during the 2019-20 fiscal year. For the quarter ending Oct. 3, the company’s parks, experiences and products division suffered another brutal hit, losing $1.1 billion.
Read more from The Tampa Bay Times.
This is why I don't get the hate toward Disney for letting people go. The theme parks lost a billion dollars in three months. You can't do that indefinitely.
Jeff - Editor - CoasterBuzz.com - My Blog
ShadowThaHedgee said:
And sadly, it will only be a matter of time before Disney+ is the new Disneyland.
I know better than to do this, but I can't resist: What does this even mean?
But it doesn't count unless you watch Mando twice and pay for parking.
Jeff - Editor - CoasterBuzz.com - My Blog
Jeff said:
This is why I don't get the hate toward Disney for letting people go.
I think the bulk of the hate comes from letting those people go after returning executive salaries back to 100% after patting themselves on the back for cutting those salaries when the initial furloughs started. At least that's what I gather from what I read online.
-Chris
For purposes of comparison, that's almost twice what Six Flags earned in 2019. That's a lot of money.
I develop Superior Solitaire when not riding coasters.
99er said:
I think the bulk of the hate comes from letting those people go after returning executive salaries back to 100% after patting themselves on the back for cutting those salaries when the initial furloughs started. At least that's what I gather from what I read online.
Those people are ridiculous. Those salaries don't offset a billion dollar loss or make up for hundreds of entertainers. The responsibility of an executive versus the zebra in Festival of The Lion King is not the same.
Jeff - Editor - CoasterBuzz.com - My Blog
I've got social media acquaintances (the stay locked in your basement until the virus is eradicated crew) that still believe the parks should all remain shuttered indefinitely AND everyone should be paid in full without a single job loss until they reopen "because Disney can afford it". These are otherwise relatively intelligent individuals, but it seems there's just a disconnect for the sake of knocking "the man".
Well, their balance sheet shows $17 billion in cash - that'll buy you a lot of distressed property. There's three times that much debt, of course, so it might not be a good idea (and they're losing a billion dollars a quarter, I hear). But it wouldn't surprise me if they were to make some strategic purchases.
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