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MarketScreener Homepage  >  Equities  >  Nyse  >  The Walt Disney Company    DIS

THE WALT DISNEY COMPANY

(DIS)
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Walt Disney : to Lay Off 32,000 Workers as Covid-19 Hits Theme Parks--Update

11/26/2020 | 03:44am EST

By Clarence Leong and P.R. Venkat

Walt Disney Co. is planning to layoff 32,000 employees, primarily at its theme parks, as the coronavirus continues to hit the entertainment company's businesses hard.

Disney announced 28,000 job cuts in September and it expects to terminate its employees' contracts in the first half of fiscal 2021.

Disney warned that it could take additional measures such as not declaring future dividends and either reducing or not making certain payments, such as contributions to its pension and postretirement medical plans.

Like many companies, Disney has been severely affected by the Covid-19 pandemic that has seen governments around the world announcing lockdowns that have led to closure of leisure parks, cruise ships and movie halls. The U.S. is among the worst hit by the pandemic and it is unclear when the company will be able to reopen its Disneyland theme park in Anaheim, Calif. that has been closed since March.

In a filing late Wednesday, Disney said that it was considering additional measures such as suspending capital spending, reducing film and television content investments and implementing additional furloughs.

"Some of these measures may have an adverse impact on our businesses," the company warned.

Disney announced earlier this month a second consecutive quarterly loss as the pandemic hit the company's core businesses like theme parks and movie distribution. However, the company's direct-to-consumer business has emerged as a bright spot: Subscriptions to Disney+ hit 73.7 million as of Oct. 3, up from more than 60 million reported in August.

Disney said it also plans to launch a general entertainment DTC video streaming-offering under the Star brand outside the U.S. in calendar year 2021.

"With the unknown duration of Covid-19 and yet to be determined timing of the phased reopening of certain businesses, it is not possible to precisely estimate the impact of Covid-19 on our operations in future quarters," the company said.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

11-26-20 0344ET

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Financials (USD)
Sales 2021 69 521 M - -
Net income 2021 2 174 M - -
Net Debt 2021 41 423 M - -
P/E ratio 2021 127x
Yield 2021 0,64%
Capitalization 310 B 310 B -
EV / Sales 2021 5,06x
EV / Sales 2022 4,14x
Nbr of Employees 203 000
Free-Float 98,8%
Chart THE WALT DISNEY COMPANY
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The Walt Disney Company Technical Analysis Chart | DIS | US2546871060 | MarketScreener
Technical analysis trends THE WALT DISNEY COMPANY
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 180,83 $
Last Close Price 171,44 $
Spread / Highest target 22,5%
Spread / Average Target 5,48%
Spread / Lowest Target -32,9%
EPS Revisions
Managers and Directors
NameTitle
Robert A. Chapek Chief Executive Officer & Director
Robert A. Iger Executive Chairman
Rebecca Campbell Chairman-International Operations
Christine M. McCarthy Chief Financial Officer & Senior Executive VP
Diane Jurgens Chief Information Officer
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