Disney+ tops 100 million users after unprecedented growth run bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Disney slips despite surprise profit, surge in streaming
Christopher Palmeri, Bloomberg News VIDEO SIGN OUT
Walt Disney Co. posted a surge in Disney+ subscribers and lower losses at its COVID-crippled theme parks, helping the worldâs largest entertainment company return to profit in the latest quarter.
Subscribers to the family-oriented video service grew to 94.9 million in the period, Disney said Thursday. That exceeded the 90.7 million average of Wall Street estimates compiled by Bloomberg. Sales and earnings also topped projections.
But Disney remains mired in a slump, with big movie releases in jeopardy and some of its parks still closed. Investors, who bid up the stock 25 per cent last year, gave a muted response to the latest news. The shares fell as much as 2.3 per cent to US$186.56 in New York trading Friday, after rising as high as US$198.77 in extended trading after the results were announced.
Iger s pay tumbles 56 per cent after Disney eliminates executive bonuses bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Disney Cuts Iger’s Pay 56% to $21 Million, Axes Bonuses
Bloomberg 1/20/2021 Christopher Palmeri and Anders Melin
(Bloomberg) Walt Disney Co. Executive Chairman Bob Iger saw his pay decline 56% to $21 million last year, after the company curtailed bonuses and other compensation in the wake of the pandemic.
Chief Executive Officer Bob Chapek, who was promoted to Iger’s former role at the end of February, earned $14.2 million, one of the lowest compensation levels for a Disney CEO in more than a decade. Iger earned $21.9 million in 2006, his first full year as CEO.
Bonuses were eliminated for the company’s most highly compensated executives. Executive pay was affected by the company not being able to meet some performance metrics. Disney lost $2.8 billion last year on sales of $65 billion.
Disney+ streaming service soars past 86 8M subscribers bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.