Disney tumbles after unveiling plans to double Theme Parks Investment to $60 billion
In a surprise move, Disney looks set to double its capital spending on theme parks and cruises, even as investors focus on continued losses in its media division.
by MARTIN BACCARDAX
In a Securities and Exchange Commission filing published Tuesday, and ahead of its annual investor day at Walt Disney World, Disney said it would allocate $60 billion over the next ten years to "expand and enhance" its Parks & Experiences business.
Parks and Experiences delivered around $8.3 billion in third quarter revenues, Disney reported last month, up 13% from the prior year period and around 37% of the group's overall total.
However, in terms of operating income, the division was, and remains, its most-profitable: Parks and Experiences generated $2.425 billion in operating profits, an 11% increase from last year, offsetting and 18% decline in the group's Media and Entertainment Distribution segment.
Source: TheStreet, Inc.
https://www.thestreet.com/investing/sto ... %2Bbillion