ET. And so as those decisions are being made today and next year and the year after, are there guardrails in place that sort of mean this will be a gradual transition? Edit. Disney Channel Talent Search. At ESPN, higher programming and production costs were largely due to COVID-related shifts of rights costs for the NBA and Major League Baseball into the fourth quarter. I think we have 100% buy-in because we have clarity on accountability, which everyone really likes, and we separate out roles to what people tend to do best. But I will tell you that we've got a product that we're really excited about and has experienced some rapid growth, and that's Hulu + Live TV. So we're going to manage this. And as you remember, that was our very first foray into a strategy like premier access. We have election news as competition. While our reporting segments will change, we intend to provide key financial and supplemental information, including much of what we report today, particularly as it relates to our direct-to-consumer businesses. UPDATED FEB 2021: If you want to be a screenwriter you need to read a lot of screenplays. But the second thing that's even more encouraging is the demanding -- demand that's growing for our parks across the world. We estimate that Media Networks operating income was negatively impacted by approximately $500 million due to COVID largely due to higher rights costs at ESPN associated with programming in the fourth quarter that was delayed from prior quarters. It's very elegant, and it really is a big solution provider. Overall, Fox restructuring charges were $1.7 billion. And it really gives the utility that consumers might normally find from the cable or satellite subscriber and be able to get it over-the-top directly to their homes. And before you flame me, remember that I'm only responsible for the Sleeping Beauty script, since I typed it all in myself. Across all platforms, there has been a great response to our content. Dance Fever: SynopSiS Tina is obsessed with dancing and starts dancing all the time. Our ability to operate responsibly in this pandemic environment extends beyond our theme parks. Disney+'s overall ARPU this quarter was $4.52. 2. This article represents the opinion of the writer, who may disagree with the âofficialâ recommendation position of a Motley Fool premium advisory service. At ESPN, first-quarter results will be significantly impacted by higher rights and production costs due to the shift of four NBA Finals games and three additional college football playoff games into quarter, along with incremental regular season college football rights costs shifting into the quarter. If it's accretive to shareholder value, then there are decisions that we make going forward in terms of looking at new rights as they expire and what we want to put on to our service. I think it says two different things: number one, shows the love that guests have for our experiences that we have within our parks and the tremendous IP that we have -- as a company have; but I also think it speaks to the trust that people have, given the track record that we now have after months of operating across the globe with very stringent guidelines. May 29 - Artemis Fowl will be released. We look forward to sharing details of our plans with you at our Investor Day next month. We'll talk again about -- more about this at the investor conference, but we are going to continue to ramp up our investment in DTC. Do you expect to shift more of your portfolio from -- or simulcasted from linear to the D2C platform? Our next question will come from Jessica Reif Ehrlich with Bank of America Securities. The more content it seems that you put on the DTC side, the lower your earnings will be but the better the sub growth will be and the higher the stock price will be. OK. Jessica, thanks. Our capital allocation strategy will continue to prioritize investing in the growth of our businesses, particularly in the direct-to-consumer space. The decrease was partially offset by lower marketing expenses. And we've been able to pretty materially increase our capacity and still stay within the guidelines that local governments are giving us, for example, six-foot social distancing. Our next question will come from Ben Swinburne with Morgan Stanley. 10. Mike, and on Hulu, overall, I would say that we're seeing very, very strong demand for advertising on Hulu in the addressable market. 5. History Talk (0) These are the shows that currently and previously aired and movies on Disney Channel. Best Movies of 2020; MCU Phase 4; Star Wars Release Dates; Zack Snyder's Justice League; Cobra Kai Season 3; The Mandalorian Season 3; No Time to Die; The Batman; WandaVision; Wonder Woman … With our experience working in Universal parks and our passion to keep up to date on everything that happens in the land of Magic. And when you look across our full suite of streaming service, we have exceeded 120 million paid subscriptions worldwide, with impressive subscriber gains for ESPN+ and Hulu, including the rapidly growing Hulu + Live TV. We don't do too many, but we use them to strategically pursue growth of our subscriber base and lower subscriber acquisition costs. As we've discussed on prior calls, while our liquidity position remains strong, we are continuing to manage our leverage with a long-term commitment to return to levels consistent with a single A credit rating. The calendar has changed. As Bob and Christine have mentioned, we are looking forward to sharing a lot more with you at our December 10 Investor Day, and we look forward to seeing a lot of you then. And I'm 100% confident that this is going to play out exactly as we had intended. 1, delivering some of the most popular and most watched shows on television, including Dancing with the Stars and The Conners. Operating income at Parks, Experiences and Products declined significantly versus the prior year to an operating loss of $1.1 billion. Thank you. Disney Musicals in Schools builds sustainable theater programs in under-resourced public elementary schools. And it's not a cheap trip, imagine coming back from your trip and finding that you stopped doing a lot of things for lack of information? But the main question is, having reupped some Disney+ distribution deals, what changes are you seeing now? While last quarter we guided to the 53rd week having a modest adverse impact on operating results, the additional week of operations actually resulted in a benefit. Thanks. In terms of Soul, we also realized though that part of the lifeblood of Disney+ is providing great content to the base-level subscribers that are in there in premier -- or in Disney+. Given the timing of programming remaining in the quarter, we currently expect that ESPN advertising revenue will end the first quarter higher versus the prior year. Our next question will come from Jason Bazinet with Citi. For over 90 years, Walt Disney … Orlando Tips: Places and Rides Outside Theme Parks, ** Assistance before and throughout the trip via whatsapp (or other channel of your choice), Improved locations for breakfast, lunch, and dinner inside and outside the parks, Jurassic Park River Adventure - Dinosaurs in Orlando, Tiffins - The Best Animal Kingdom Restaurant, Pecos Bill - Good and Cheap Mexican Meal at Magic Kingdom, Rose & Crown Pub & Dining Room: restaurant at Epcot, Party City: the Party and Costume Shop in Orlando, Learn how Disney can transform your home decor, Macrobaby - The Largest Baby Store in Orlando. We've also taken a number of deliberate steps and smart risks that have positioned our company for greater long-term growth. Or should we think about the cost of that marketing channel as locked in? Have fun. I'm going to let Christine take the first question around cash, and then, Bob, talk a little bit more about programming investment. They've done and continue to do an admirable job balancing the needs of our cast, our shareholders and our guests. It's very clear to us that new content adds subscribers. People have shown a willingness to visit our parks, which I believe is a testament to the fact that they feel confident in the measures we've taken. We try to limit them. Good afternoon. And that's one of the reasons why we're really bullish about that business. 1 program on all broadcast and cable television in the U.S. over the summer, there is no question ABC News is America's No. But we're going to talk more about Hulu advertising in more detail at the Investor Day. Please go ahead. But at the same time, our creatives, who, as you know, are the best in the world, are really free to do what they do and that's just make the best content and storytelling possible. We were also fortunate to keep other parts of our creative pipeline active and to continue post-production work for our Media Networks studios and Disney+. And the impressive resilience Disney has demonstrated while looking past today's challenges to set the stage for an even brighter future is a direct reflection of our outstanding team. May 1 - Black Widow (Marvel Studios) will be released. That way we can help make your trip even more amazing. Bob, in terms of the cash, you got $18 billion on the books. And so after a slight delay of roughly six months on those ships, we think that we're going to be able to bring them on to service. So we actually don't have any concerns about the long-term health of sports. Below is an active running list of 2020 … Join more than 250 satisfied customers who traveled with personalized itineraries Departed Disney Parks and enjoyed their travels without missing a thing. India Will Make Disney+ More Popular Than Netflix by 2026, Here's My Top Robinhood Stock to Buy Right Now, Another Disney Theme Park Gets Ready to Open Again, Copyright, Trademark and Patent Information. And then we have our next two ships in '24 and '25. The point here is not only to have a guide on hand to help you, buying the personalized itinerary for Orlando 2020 can save you a lot of money, a lot of time and especially, get you out of countless stolen ones. I'm proud to say that we were successfully able to host the NBA and MLS at Walt Disney World in Orlando. The response from consumers has been overwhelmingly positive. A couple of weeks ago, we rolled out the highly anticipated second season of The Mandalorian to rave reviews and incredible social buzz. You're right that our cash and cash equivalents are a very healthy $18 billion. So we'll continue to drive toward greater efficiencies. At Parks, Experiences and Products, financial results in the quarter were significantly impacted by restricted capacity and closures. OK. And we've got a unique combination of assets in this company that are all at play right now in Disney+, where we've not only got the most desirable library in the world but we realize -- and that really helps, by the way, minimize churn, but we also realize that new content that we put add subscribers. Unfortunately, we are extremely disappointed that the State of California continues to keep Disneyland closed despite our proven track record. I want to take a moment to give you an update on our 21CF acquisition. However, excluding Disney+ Hotstar, it was $5.30. Thanks. Thank you. And on Tuesday, we will launch in Latin America, including Brazil, Mexico, Chile and Argentina followed by more overseas markets in the coming year. And on the broadcasting side, ABC is now ranked No. July 3 - Free Guy will be released. We expect the Q1 operating results of our DTC businesses to decline by approximately $100 million relative to the prior-year quarter driven by continued investment in Disney+, partially offset by improved results at both ESPN+ and Hulu. Please go ahead. I'll now turn to our results by segment. I'd love your thoughts on kind of the longer-term outlook for sports. We expect the international launch of our Star-branded general entertainment offering will enable us to grow our business even further in the years ahead. On the park side, we've proven over many months that we're able to operate our parks responsibly, following strictly enforced guidelines provided by healthcare experts, successfully reopening our parks in Orlando, Shanghai, Tokyo and Hong Kong. This concludes today's call. Just a bit of a follow-up question, if I may, on the studio content commentary. This was driven by a benefit of eight points from the 53rd week and eight points of growth from higher rates, offset by a four-point decline due to a decrease in subscribers. There is NEVER a fee to audition or attend a Disney … As you look at the most watched cable shows on TV this year, more than half have been live sports, proving that sports are a powerful draw despite the disruption of the pandemic. Thank you. The best website for free high-quality Walt Disney Script fonts, with 45 free Walt Disney Script fonts for immediate download, and 49 professional Walt Disney Script fonts for the best price on the Web. 9. 1 evening newscast, as well as the No. November 6 1. I'm a personal big fan of it. As of 2020 Chris Bremner is writing a new script as Disney was not happy with the one they had. Stay tuned for information about upcoming open casting opportunities! Because we have no significant tentpole theatrical releases planned for Q1, we expect that our theatrical results will be meaningfully below the prior year, during which we released Star Wars: The Rise of Skywalker and Frozen 2. Thanks, Lowell, and good afternoon, everyone. I think you guys had talked about over $2 billion of synergies. Could you comment on the change of management at Star? But I'm just going to suggest that when we talk to everybody on December 10, I think you're going to see that we're going to put a lot of wind in the sails of our Disney+ business and heavily invest in it. Michael Nathanson -- MoffettNathanson -- Analyst. Many have had their roles shift pretty substantially, including giving up kind of P&L accountability. And with the -- you asked about how much do we incur in the restructuring charges related to Fox. I mean we've got the risk of seasons not finishing. It comes out to about a little over -- a little less than 30%. We previously stated our expectation that the deal would be accretive to EPS, excluding the impact of purchase accounting for fiscal 2021. Disney+ Hotstar subscribers now account for a little over a quarter of our global subscriber base. So we're excited about that in terms of solving a consumer need for those consumers, as you mentioned, that have all walked away from that particular way of distributing and receiving content. OK. John, thanks for the questions. Please go ahead. So we're being very deliberate and we're being very careful and analyzing everything to make sure that it would be something that would be additive to us. And in this quarter, where we had about a little under $400 million of restructuring charges, a portion of that was also Fox-related. 4. Our first question will come from Michael Nathanson with MoffettNathanson. Don't be satisfied with ready-made scripts found on the internet, make one with your face, after all, it's YOUR trip! That's about it, but it really does help us sort of provide a base during our growth phase. So from a studio content standpoint, we were very pleased with the results of Mulan as a premier access title. So we believe that's a nice recipe for future success, but we realize that the world is changing and there's a lot of dynamics at play, but we'll only do continue rights deals as long as they add shareholder value. I guess the best news out of all of it is that we now do see some light at the end of the tunnel. First of all, Christine will talk about sort of the guidance at the investor conference, specifically in terms of -- we have our losses peaked, which was your direct question. It's just fantastic. I use it. It can be … The growth of Disney+ speaks volumes about the strength of our IP, our unparalleled brands and franchises and our amazing content creators, all part of the Disney difference that sets us apart from everyone else. Our next question will come from Alexia Quadrani with JPÂ Morgan. There were a few reasons behind this variance, but the largest driver was related to the timing of sports rights costs. Videos recorded prior to 2020. With our parks business sort of being -- having an anchor on it, if you will, that we can't properly operate our parks business like we'd like to, we have to be a little bit more careful today than we might have to be in the future. We're in a world though now in a subscription business where we're managing churn. 11. Christine McCarthy -- Senior Executive Vice President and Chief Financial Officer. It's really the complete solution, I think. While many of our productions were shut down beginning in March due to COVID, our animation teams were able to work remotely and have continued production uninterrupted during the pandemic. Following comments from Bob and Christine, we will, of course, be happy to take some questions. But we saw enough very positive results before that controversy started to know that we've got something here in terms of the premier access strategy. Doug Mitchelson -- Credit Suisse -- Analyst. Please go ahead. I just wanted to make sure that was in the ballpark. But I'm curious if the leagues have any increasing urgency to sort of reach those cord-cutters or cord-nevers and maybe what some of the considerations are for you, whether it's financial impact or whether it's rights limitations or things like that? Therefore, we do not intend to discuss legacy Fox results or accretion on a go-forward basis. Market data powered by FactSet and Web Financial Group. I'm going to take the last one first. Weâre motley! About Disney Channel With shows like Girl Meets World, Jessie, Austin & Ally, Evermoor, Dog with a Blog and That’s So Raven , the Disney Channel has been entertaining kids, teens and adults. Please go ahead. We hope and expect that the world will back to normal by then and anticipate having a fine time trying to fill up the demand of those ships. We've also reopened Disneyland Paris for several months, although the resort is now temporarily closed due to President Macron's recent lockdown order in response to a resurgence in COVID cases in Europe. And I'm pleased to report that as of the end of the fourth quarter, Disney+ had more than 73 million paid subscribers, far surpassing our expectations in just its first year, and we're continuing to see positive trends. Thanks, Christine. And we're also going to take the opportunity to continue looking for operational efficiencies. Lowell, I have two for you to shepherd. 2020 Acclaimed filmmaker Niki Caro brings the epic tale of China’s legendary warrior to life in Disney’s Mulan, in which a fearless young woman risks everything out of love for her family and … Pre-production on the Obi-Wan Kenobi-focused TV series in the works at Disney Plus has been put on hold as the streamer and Lucasfilm look to overhaul early scripts and find new writers, sources te… Thank you. Read Disney Scripts Scripts. Thanks, Lowell. Of course. [Operator instructions] Please be advised that today's conference is being recorded. In terms of India, obviously, we have an executive there, Uday Shankar, who we love, and we wish him well. I'm going to turn both of those over to Bob. Let me take your first question, which was on the cost savings that we achieved from the integration of 21CF. August 14 - The One and Only Ivan will be released. While the pandemic continues to impact our company, resulting in an adjusted loss of $0.20 a share in the fourth quarter, the prolonged situation has prompted us to find new and innovative ways to deal with the difficult and often unpredictable challenges we're facing. The decrease in programming and production costs was largely driven by COVID-19-related production shutdowns and cancellations of network programming, the shift of college football games to fiscal 2021 and a delay in airing new season premieres. Browse 2018 Oscar Nominated 2019 Oscar Nominated 2020 Oscar Nominated A24 ABC Action Adventure Amazon AMC Animation BBC Biography Cartoon Network CBS Comedy Crime CW DC Comics Disney … Despite all those headwinds, the fact that our Monday night football business is relatively flat in terms of viewership is really -- I think really encouraging. In fact, Walt Disney World, which was at a 25% capacity constraint, which was our industrial engineering estimates to keep six-foot social distancing, now has been able to increase to 35% of capacity, so almost a 50% increase in the number of guests that we can allow in and still adhere to the local guidelines and the guidelines that are stipulated by the CDC with the six-foot social distancing. And in terms of cruise ships, as you know, we just got new guidelines from the CDC that are quite thorough, let's say. We have the risk of games individually every week being canceled. I am going to turn both of those questions over to Bob. So I'm curious, your take on how that business is going and how we should think about that. And can we assume, as a result of that that the progress you guys have made in terms of D2C losses doesn't mean that those losses have peaked at this point? 1. Thanks, Bob, and good afternoon, everyone. And so as we toggle that balance between sort of the legacy, old media businesses to the new media businesses, we'll do it aggressively, but we will watch it from a cash standpoint in the meantime. We're seeing extremely strong demand in the back half of fiscal-year '21 and all of '22 in terms of bookings. Join more than 250 satisfied customers who traveled with personalized itineraries Departed Disney Parks and enjoyed their travels without missing a thing. And so the guardrails are just the only ones that would be the constraints that we face today in terms of cash. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Disney Channel project is now casting kid and teen actors. And I also ask because as you add more and more original content to your streaming services, I would think the benefit starts to shift in favor of the distributors as you add more and more value to those services. Yeah. And it actually has really helped us not only in segments like our parks business that are directly impacted but throughout the entire company. And as we do transition to the Q&A, let me note that since we are not physically together this afternoon, I will do my best to moderate this by directing your questions to the appropriate executive. While COVID certainly had an impact on these numbers, we estimate the acquisition of 21CF and the impact of taking full operational control of Hulu were accretive in both Q3 and Q4 of fiscal 2020, excluding the impact of purchase accounting. And we also had some bond maturities, over $1 billion, that we took care of. And then probably for Bob. Good afternoon, and welcome to The Walt Disney Company's fourth-quarter 2020 earnings call. So joining me from their homes are Bob Chapek, Disney's chief executive officer; and Christine McCarthy, senior executive vice president and chief financial officer. We're spending -- a lot of our productions are back up and running. I think at this point, there's 30 million or 35 million households in the U.S. Bob, you just referenced some of the stability in ratings. And despite the disruption in everyone's roles, I think we have 100% buy-in. Alexia Quadrani -- J.P. Morgan -- Analyst. There's been much excitement surrounding the announcement that Disney/Pixar's Soul will be debuting on Disney+ on Christmas Day. But as we ramp up even more additional new productions, we will be spending more cash on that.
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