A new study released today shows the magic Disney makes for guests at its parks and resorts and on its cruise ships translates into a strong economic impact not only in Central Florida but across the state.
Weak advertising is forcing ABC News to restructure, as per a report by the LA Times, resulting in a workforce reduction of 20%, or approximately three hundred employees.
The process is expected to begin tomorrow morning in which ABC News will seek volunteers to accept a buyout and leave the organization followed by likely layoffs if not enough volunteer. ABC News employs 1,4000 staffers in all.
Update #1: AOL’s Daily Finance has reprinted today’s memo from ABC President David Westin which you can view here.
Full report here.
LOS ANGELES (Reuters) – The Walt Disney Co has cut an undisclosed number of workers at its domestic parks this month in a previously announced plan to consolidate behind-the-scenes operations for Walt Disney World in Florida and Disneyland in California, a spokesman said.
Local media in Florida, tipped off by laid-off workers, have reported cuts as deep as 450 jobs at the two locations.
China View is reporting that the Hong Kong government will begin conducting a study to determine if additional funding from the government will be necessary and help relations with the Disney company in an effort to continue with the expansion plans for Hong Kong Disneyland. Article here.
Bloomberg is reporting that against the hopes of the Hong Kong government, Disney has halted all creative and development work in terms of expanding its Hong Kong Disneyland, resulting in a layoff of about 30 employees.
BURBANK, Calif., March 11, 2009 – The Walt Disney Company (NYSE: DIS) will announce fiscal second quarter 2009 financial results via a live audio Webcast beginning at 4:30 p.m. EDT / 1:30 p.m. PDT on Tuesday, May 5, 2009 (results will be released at approximately 4:01 p.m. EDT / 1:01 p.m. PDT). To listen to the Webcast, point your browser to www.disney.com/investors. The discussion will be available via re-play through May 19, 2009 at 7:00 p.m. EDT / 4:00 p.m. PDT.
The Orlando Sentinel is reporting that with a sponsorship contract set to expire this year with GM, the auto maker (who reportedly pays Disney around $5million annually for the privilege) is in no financial position to go another lap with the attraction. Talks are in the works but the economic gloom is suggesting that Disney should start talking to Lexus on how to make Test Track drive itself. Full article here.
(Reuters) – Walt Disney Co’s ESPN cable sports network, which has broadcasting deals for events ranging from the National Football League to Nascar, is facing higher costs while renewing some of the contracts amid falling advertising revenue, the Wall Street Journal said on Monday. (more…)