It's all a long con with the help of the thinktank they hired to restructure their finances. Will repost that link when I get home. Everything going on looks like the actions of someone pretending to do everything they can to save the situation, before doing the bad thing they wanted to do all along. It's all smoke and mirrors to get out of debt obligations including Reedy Creek pension funds. The park isn't profitable and the management of their resources is sucking the capital out of the company.
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the park profitability was fine until they went along with the covid lie and shut down the parks, only to reopen with massive restrictions after that.
they went into massive restrictions over what's historically included in the common cold flu season. sweden didn't shut down at all, and neither 2020 nor 2021 are even in the top 5 of the last 20 flu seasons.
then they fought on the wrong side of a pedophilia scandal, making a bunch of parents start asking why a company that produces child media is pushing sexuality on children so hard, even with a VP video getting leaked talking about how she's actively trying to groom children. so yeah, even after the parks opened back up, of fucking course attendance is down... the disney brand is synonymous with pedophilia.
I think they chose that side not because the entire board agrees with it but because they believe that's where their cultists lie. Right now the number one stream of revenue they have is from their regulars. Every franchise they bought, every company they have taken over, it's all not making any money. All they are producing is shit to keep the lights on. Next year they are even facing losing Mickey because of copyrights going into public domain. They are producing all this shit especially for the streaming service to keep people interested in their brand, they know that if a studio doesn't produce regular content people lose interest and stop spending money.
Why would Disney need bankruptcy protection? Didn't they just beat on both lines?
As much as I want it to be true, I don't see it.
because their highest value asset, the disney brand, is now synonymous with pedophilia.
Disney is facing financial ruin. They have no money, everything they have is burning through money like there's no tomorrow. The streaming network won't be profitable for years, they are pushing off debt liabilities left and right, they're even considering leasing out some of their content back to Netflix and HBO. Hollywood movies don't make money these days it's all about bringing in more investments. With the downturn of the economy no longer being able to be hidden and the government unloading the toxic debt it absorbed in 2008 there is no more money coming to them from investment firms that they can swindle off to their investors. Despite not paying a dividend for 3 years, Disney still has nothing.
There is also a financial guy that I watch that has a theory that Disney was caught up in FTX and that a lot of their money was blown away when that all collapsed. And that is the reason that they yeeted Chapek in such a brazen and unusual way. Nope because he was the one doing it, but because he could have exposed the ones who were (specifically, he thinks the CFO).