Time is once again hosting the list of the 100 most influential people on their website. For a twist, each honoree is introduced by one of their peers. Disney CEO Bob Iger makes the list and introduced by fellow media mogul Rupert Murdoch. It’s a… Read More »Disney CEO Bob Iger on list of Times 100 Most Influential People
DraftKings, a sports fantasy website that provides fans a chance to win money with their fantasy teams, has just received a $250 million investment from the Walt Disney Company. In return, DraftKings has reportedly agreed to drop $500 million in advertising on ESPN, which is… Read More »Sports Fantasy website DraftKings gets $250 Million investment from Disney
This just in. Thomas Staggs has been named the new Chief Operating Officer of The Walt Disney Company. This makes him the front runner for replacing Bob Iger. More later, the full press release is below: Thomas O. Staggs has been named Chief Operating Officer… Read More »Breaking: Thomas Staggs named COO of The Walt Disney Company
Looks like I will get to take that Disneyland Paris vacation after all. No one seriously expected the Walt Disney Company (or France for that matter) to let the park close. With around 15,000 employees and 15 million yearly visitors, it’s a huge boost to the French economy. In addition to a black-eye for Disney, a closure would spell bad things for an economy, which is, admittedly, at the beginning of a delicate recovery. That just wasn’t going to happen.
The park debt, much of it the result of building too many hotels when the park opened, has been an albatross around the resorts neck since its beginning. Multiple refinancings and capital investment have floated the park through restructurings that the company hoped would finally put it in the black.
Early this morning, Euro Disney SAS, the parent company of Disneyland Paris, sent out a letter to its shareholders announcing yet another debt restructuring and capital investment. They also released this oddly optimistic explanation from Mark Stead, SVP and CFO of Euro Disney:
Yes, that’s a $1.25 billion recapitalization of the company (think of it as a mini-bankruptcy, we’re increasing the number of shares, which makes your shares worth less, but less is better than none, which would result in a full bankruptcy).
The details were outlined in a letter sent to Shareholders from the recently appointed President of Euro Disney SAS Tom Wolber:
Read More »Disneyland Paris survives to live another day thanks to investment from TWDC
Update: the other shoe dropped for Disneyland Paris, the good news? It was a glass slipper from TWDC: http://bit.ly/1xVukOG
What is going on at Disneyland Paris? It’s the most popular theme park in Europe in terms of attendance, but it continually struggles with profitability. This year has been particularly rough. It lost its president Phillipe Gas to Shanghai Disneyland, has been in the news for the shoddy condition of many of its attractions, and is down over a million visitors from the previous year. There is no way to put a silver lining on it. The situation is not good.
On the other hand, the park’s second gate recently opened a Ratatouille attraction that has breathed some life into that park, there are rumors of a major Star Wars addition being planned, and it’s having a Halloween Festival that is getting good reviews. All signs that the park is on the right track.
So which is it? Unfortunately, it appears that the storm clouds are gathering for the park. It will be holding a special meeting with the workers’ council on Monday to discus the park’s cash crunch. The meeting is timed for just before the Paris Stock Exchange opens.
Read More »Disneyland Paris holding emergency meeting re: its very future
Today in 1995 Michael Eisner announced the acquisition of Capital Cities/ABC. With the purchase, the TV station that made Disneyland possible joined the Disney family. So did ESPN, A&E, Lifetime, and a long list of local stations and other media interests. The deal also came… Read More »Today in Disney History: Capital Cities/ABC acquisition announced by Michael Eisner
She was my pick to replace Bob Iger as CEO of the Walt Disney Company, but Anne Sweeney has decided to step down as President of Disney/ABC Television Group (the same group that gave us Bob Iger) and work on the creative side as a… Read More »Anne Sweeney stepping down as Disney/ABC TV President
While it may not seem like such a surprise to us loyal fans, The Walt Disney Company was chosen as the best overall company in 2013 by the writers and editors at Yahoo Finance. Their study was based on factors such as financial performance, stockholder… Read More »Yahoo Finance Names Disney the Best Company of 2013