DIS Shareholders and Stock Info ONLY

[wabbott]

Avatar experience to be added to DLR

 

[wabbott]

REINSTATING DIVIDEND BY END OF YEAR

 

[wabbott]

121.91 +10.13 (+9.06%)
After hours: 4:49PM EST

 

[wabbott]

https://variety.com/2023/biz/news/disney-layoffs-cost-savings-1235517203/

Feb 8, 2023 1:40pm PT

Disney Laying Off 7,000 Employees, or 3% of Workforce, Eyes $5.5 Billion in Total Cost Reductions


Bob Iger is back as Disney’s CEO — and swinging the axe.

Disney will reduce its workforce by 7,000 employees in a bid to cut costs, Iger said Wednesday on the company’s earnings call for the year-end 2022 quarter. The figure represents 3.2% of Disney’s total headcount of about 220,000 worldwide as of Oct. 1, 2022.

The layoffs are part of Disney’s efforts to achieve about $5.5 billion in cost savings. Of that, $2.5 billion represents “non-content costs,” and $1 billion of the targeted cost-reductions are already underway, Iger said. In addition, Disney is aiming for a reduction of $3 billion in non-sports content costs.

Iger said he did not take the decision to cut jobs lightly. “I have enormous respect and appreciation for the dedication of our employees worldwide,” he said.

The announcement of the job cuts came after Iger announced a new structure for Disney, organized in three core business segments: Disney Entertainment, headed by co-chairs Dana Walden and Alan Bergman; ESPN, led by Jimmy Pitaro; Disney Parks, Experiences and Products, led by Josh D’Amaro.

For the December 2022 quarter, Disney beat Wall Street estimates on the top and bottom lines. In the period, Disney+ registered its first-ever decline in subscribers — shedding 2.4 million — driven by losses at Disney+ Hotstar.

 

[wabbott]

putting ESPN into its own division will answer the question once and for all whether it makes money, or is riding someone else's coattails.

 

[HokieRaven5]

REINSTATING DIVIDEND BY END OF YEAR

Guess they’re projecting the DTC losses to be reduced by EOY.

Not having the dividend may have saved about $7.5-$9B (it was $2.9B in 2019) in expenses over the 3 years DTC had $8.7B in losses.

 

[RivShore]

Guess they’re projecting the DTC losses to be reduced by EOY.

Not having the dividend may have saved about $7.5-$9B (it was $2.9B in 2019) in expenses over the 3 years DTC had $8.7B in losses.

Well that about settles it, the dividend funds the streaming losses.

 

[HokieRaven5]

Well that about settles it, the dividend funds the streaming losses.

I’m not saying it absolutely did, but the math lines up for it. They used the dividend expenses to cover other things.

 

[wabbott]

Well that about settles it, the dividend funds the streaming losses.

Well, the po' folk in Hollywood needed the money more than us wealthy stockholders...

 

[Jrb1979]

REINSTATING DIVIDEND BY END OF YEAR

Prepare for a huge jump in Genie+ price to pay for that. Thinking like $50 a day

 

[wabbott]

So far, Iger and McCarthy seems to know what they talking about. Iger is definitely more polished that Paycheck.

 

[RivShore]

Well, the po' folk in Hollywood needed the money more than us wealthy stockholders...

They do care sooooo much more for the little people than us stockholder types.

 

[wabbott]

James Stewart on CNBC is very skeptical of streaming as a money making thing.

 

[RivShore]

James Stewart on CNBC is very skeptical of streaming as a money making thing.

Thanks...listing to the call but watching CNBC, was wondering what his take was.

 

[Jrb1979]

James Stewart on CNBC is very skeptical of streaming as a money making thing.

I agree with him. It's due to the cost of creating new content which is all people want.

 

[wabbott]

I agree with him. It's due to the cost of creating new content which is all people want.

I might add, new content that people will watch. No need to make it if no one watches.

 

[clarker99]

I agree with him. It's due to the cost of creating new content which is all people want.

This is not entirely true. For years the most streamed thing on Netflix was The Office. I think research showed people want 50-60 episode shows to watch. 5 seasons x 10-12 episodes (give or take).

 

[Jrb1979]

I might add, new content that people will watch. No need to make it if no one watches.

The only way to make streaming profitable is to increase price the cover the cost. The problem I see is they are heading towards it costing the same as cable if not already. If you have 3-4 services then you are close to cable cost.

 

[wabbott]

https://otp.tools.investis.com/clie...6646&Cik=0001744489&PaperOnly=0&HasOriginal=1

SEC filings today

 

[Jrb1979]

This is not entirely true. For years the most streamed thing on Netflix was The Office. I think research showed people want 50-60 episode shows to watch. 5 seasons x 10-12 episodes (give or take).

That was old content that was already created. They didn't have to pay to create it.