Disney to pull content from Netflix, will launch new ESPN streaming service
09 Agosto 2017, 04:58 | Gervasio Siguenza
Disney Walt Co (DIS) Shareholder Ashfield Capital Partners LLC Trimmed Stake
On the first anniversary of Disney Shanghai Disneyland, company CEO Robert Iger said that the theme park had attracted more than 11 million visitors since its opening in the summer of 2016.
Morningstar analyst Neil Macker said that the move has the potential to bring a "world of hurt" to Netflix. Following the transaction, the director now owns 48,673 shares in the company, valued at $5,306,330.46.
Among 34 analysts covering The Walt Disney Company (NYSE:DIS), 18 have Buy rating, 2 Sell and 14 Hold. Those are set to include "Toy Story 4", the sequel to "Frozen", and "The Lion King" from Disney's live-action division. And, on August 4, 2017, several news agencies declared emerged that the Company would cut nearly a quarter of its staff according to New Jersey Department of Labor information items.
The pullout means new Disney movies on Netflix, such as "Moana" and "Rogue One", have a limited shelf life.
Additionally, Disneyannounced a "significant investment" in original movies, TV shows and other Disney-branded exclusives for ESPN subscribers. The platform, which will feature about 10,000 sporting events each year, will have content from the MLB, NHL, MLS, collegiate sports and tennis' Grand Slam events. In last year's third fiscal quarter, the company reported $14.28 billion in revenue and adjusted earnings of $1.62 per share.
After dropping more than 1.6% during regular trading, shares of Netflix (NFLX - Free Report) slumped another 3.5% in after-hours on Tuesday following the announcement that Disney (DIS - Free Report) plans to pull its movies from the platform. Animated series like "The Clone Wars" will move to the Disney app. The biggest holder now is Mr. Steven P. Jobs who owns 138,000,007 shares (8.82% of those outstanding), whilst Michael D. Eisner holds 13,954,813 (0.89% of shares outstanding) and Mr. Robert A. Iger holds 1,013,953 (0.06% of shares outstanding).
"We're very proud of the content distribution innovations driven by MLBAM and BAMTech over the past 15 years", Major League Baseball commissioner Rob Manfred commented. "The profitability (and) the revenue-generating capability of this initiative is substantially greater than the business models that we are now being served by", Iger said. Cable Networks revenues for the quarter decreased 3% to $4.1 billion, with operating income down 23% to $1.5 billion, hurt by ESPN. But media networks' revenue fell 1% to $5.9 billion.
About 1.60M shares traded.
Net income of $2.37 billion fell almost 9% compared to $2.6 billion a year ago. So far, analysts are sticking with their neutral recommendations with the consensus call at 2.5.
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