Disneyland Australia site near Melbourne’s Avalon Airport outside Geelong

Australia could soon be getting its own Disneyland theme park in Melbourne with the city’s top official voicing her support for the idea – and an ideal site for the development named.

Lord Mayor Sally Capp said the city was regaining its reputation as the country’s tourism capital after a few hard years of Covid lockdowns and the entertainment giant would be exactly the right fit.   

A Down Under Disney has been floated in the past, but now a prime piece of land is already earmarked for an entertainment precinct near Avalon Airport, which is south-west of Melbourne and near Geelong. 

The owner of the Seppeltsfield and Penny’s Hill wineries previously called for the McLaren Vale region in South Australia to host the world’s seventh Disneyland.

However, Ms Capp firmly believes Melbourne’s surrounds would be the ideal spot for Disneyland. 

Disney has grown to one of the world’s largest media companies in recent years after snapping up brands like Star Wars and 21st Century Fox and has already set foot in Melbourne with a deal to name Marvel Stadium in Docklands.   

Disneyland could some to Melbourne with a prime piece of land north of Geelong earmarked for an entertainment precinct

Other cities such as Sydney, Adelaide and the Gold Coast have attempted to lure Mickey and friends previously but were unsuccessful.

Ms Capp said a deal with Disney could revitalise Melbourne and help it regain its status as a world class tourism destination.

Lord Mayor Sally Capp is a huge fan of the idea which could lend some weight to the push

Lord Mayor Sally Capp is a huge fan of the idea which could lend some weight to the push

Warren Randall, the owner of the Seppeltsfield and Penny’s Hill winery, is calling on a consortium of business leaders and governments to look into the creation of the world’s seventh Disneyland in the state. 

‘I know a Disney theme park in our municipality would be a huge hit with residents – myself included – visitors, students and traders,’ Ms Capp told The Herald Sun

Ms Capp said the city already had world class hotels and shopping and dining precincts that could accommodate interstate and overseas visitors. 

And while she painted a picture of rollercoasters towering over the Yarra at Fisherman’s Bend as part Disneyland’s Magic Kingdom or Animal Kingdom, there is a far more likely site already on offer.

A huge tract of land at Avalon Airport north of Geelong and about half an hour south of Melbourne’s CBD has already been set aside for an entertainment precinct. 

David Fox, chairman of Avalon Airport and son of billionaire trucking magnate Lindsey Fox, has reportedly previously held meetings with Disney.

‘There’s an entertainment precinct that we’ve defined. I wouldn’t say (for a) Disneyland at this moment in time, but anything is possible,’ Mr Fox said in March this year of the plan. 

‘In regards to other parts of the precinct, we need to get the rail connectivity lined up,’ he said.

A petition has been circulating online since 2020 demanding Disneyland come to Australia and has gained tens of thousands of signatures. 

Disney theme parks have already expanded out of the United States with locations established in France, Japan, and China.

Ms Capp’s term as Lord Mayor will finish later this year but she is expected to run again.

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Disney creates task force to explore AI and cut costs – sources

Walt Disney (DIS.N) has created a task force to study artificial intelligence and how it can be applied across the entertainment conglomerate, even as Hollywood writers and actors battle to limit the industry’s exploitation of the technology.

Launched earlier this year, before the Hollywood writers’ strike, the group is looking to develop AI applications in-house as well as form partnerships with startups, three sources told Reuters.

As evidence of its interest, Disney has 11 current job openings seeking candidates with expertise in artificial intelligence or machine learning.

The positions touch virtually every corner of the company – from Walt Disney Studios to the company’s theme parks and engineering group, Walt Disney Imagineering, to Disney-branded television and the advertising team, which is looking to build a “next-generation” AI-powered ad system, according to the job ad descriptions.

A Disney spokesperson declined to comment.

One of the sources, an internal advocate who spoke on condition of anonymity because of the sensitivity of the subject, said legacy media companies like Disney must either figure out AI or risk obsolescence.

This supporter sees AI as one tool to help control the soaring costs of movie and television production, which can swell to $300 million for a major film release like “Indiana Jones and the Dial of Destiny” or “The Little Mermaid.” Such budgets require equally massive box office returns simply to break even. Cost savings would be realized over time, the person said.

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For its parks business, AI could enhance customer support or create novel interactions, said the second source as well as a former Disney Imagineer, who declined to be identified because he was not authorized to speak publicly.

The former Imagineer pointed to Project Kiwi, which used machine-learning techniques to create Baby Groot, a small, free-roaming robot that mimics the “Guardians of the Galaxy” character’s movements and personality.

Machine learning, the branch of AI that gives computers the ability to learn without being programmed, informs its vision systems, so it is able to recognize and navigate objects in its environment. Someday, Baby Groot will interact with guests, the former Imagineer said.

AI has become a powder keg in Hollywood, where writers and actors view it as an existential threat to jobs. It is a central issue in contract negotiations with the Screen Actors Guild and the Writers Guild of America, both of which are on strike.

Disney has been careful about how it discusses AI in public. The visual effects supervisors who worked on the latest “Indiana Jones” movie emphasized the painstaking labors of more than 100 artists who spent three years seeking to “de-age” Harrison Ford so that the octogenarian actor could appear as his younger self in the early minutes of the film.

SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line during their ongoing strike, in Burbank

‘STEAMBOAT WILLIE’

Disney has invested in technological innovation since its earliest days. In 1928 it debuted “Steamboat Willie”, the first cartoon to feature a synchronized soundtrack. It now holds more than 4,000 patents with applications in theme parks, films and merchandise, according to a search of the U.S. Patent and Trademark Office records.

Bob Iger, now in his second stint as Disney’s chief executive, made the embrace of technology one of his three priorities when he was first named CEO in 2005.

Three years later, the company announced a major research and development initiative with top technology universities around the world, funding labs at the Swiss Federal Institute of Technology in Zurich and Carnegie Mellon University in Pittsburgh, Pennsylvania. It closed the Pittsburgh lab in 2018.

Disney’s U.S. research group has developed a mixed-reality technology called “Magic Bench” that allows people to share a space with a virtual character on screen, without need for special glasses.

In Switzerland, Disney Research has been exploring AI, machine learning and visual computing, according to its website. It has spent the last decade creating “digital humans” that it describes as “indistinguishable” from their corporeal counterparts, or fantasy characters “puppeteered” by actors.

This technology is used to augment digital effects, not replace human actors, according to a source familiar with the matter.

Its Medusa performance capture system has been used to reconstruct actors’ faces without using traditional motion-capture techniques, and this technology has been used in more than 40 films, including Marvel Entertainment’s “Black Panther: Wakanda Forever.”

“AI research at Disney goes back a very long time and revolves around all the things you see being discussed today: Can we have something that helps us make movies, games, or conversational robots inside theme parks that people can talk to?” said one executive who has worked with Disney.

Hao Li, CEO and co-founder of Pinscreen, a Los Angeles-based company that creates AI-driven virtual avatars, said he worked on multiple research papers with Disney’s lab while studying in Zurich from 2006 to 2010.

“They basically do research on anything based on performance capture of humans, creating digital faces,” said Li, a former research lead at Disney-owned Industrial Light & Magic. “Some of these techniques will be adopted by Disney entities.”

Disney Imagineering last year unveiled the company’s first initiatives in an AI-driven character experience, the D3-09 cabin droid in the Star Wars Galactic Starcruiser hotel, which answered questions on a video screen and learned and changed based on conversations with guests.

“Not only is she a great character to interact with and always available in your cabin, which I think is very cool, behind the scenes, it’s a very cool piece of technology,” Imagineering executive Scott Trowbridge said at the time.

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Hong Kong Disneyland Shows Creation of New Walt Disney and Mickey Mouse “Dream Makers” Statue

Hong Kong Disneyland - Walt Disney and Mickey Mouse Dream Makers Statue
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As part of the Disney100 celebration, a new Walt Disney and Mickey Mouse “Dream Makers” Statue will be installed at Hong Kong Disneyland, and Disney has put out a behind-the-scenes video showing its creation.


The Details

First announced at D23 Expo 2022, the Walt Disney and Mickey Mouse Statue, “Dream Makers,” will be coming to Hong Kong Disneyland this October (a quick glimpse of the bench dedication says it will be October 16, 2023).

Hong Kong Disneyland - Walt Disney and Mickey Mouse Dream Makers Statue
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“Dream Makers” celebrates the origin story of Walt Disney and his parks, and it features Walt and Mickey Mouse seated together on a park bench.

It will be placed near Hong Kong Disneyland’s Cinderella’s Carousel.

There is also a video of the unboxing of the statue:


Other Additions

In addition to the “Dream Makers” statue, Hong Kong Disneyland will see its “World of Frozen” open in the second half of 2023. This new land will feature two “Frozen”-themed attractions, along with dining and shopping experiences.

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Disney Pulls Physical Media From Australia?

Marvel

Disney is allegedly ceasing new DVD, Blu-ray and 4K UHD physical media releases in Australia in the near future, with Marvel’s “Guardians of the Galaxy Vol. 3” on August 9th tipped to be the final title getting a retail disc in that market.

This story has taken some turns over the past 36 hours. It began Monday night Australian time via a posting on Facebook from Australian retailer Sanity. That posting said: “Farewell to Disney’s physical media in Australia” before linking to its catalogue of Disney/Fox properties.

This led to the obvious question as to whether they were joking or had gotten their information mixed up. The retailer doubled down on the post, saying in the responses: “To help clear up any confusion or questions. There is no way we would post this if we didn’t know it was happening. Guardians of The Galaxy will be the last preorder.”

The posting remained there for around twelve hours before subsequently being removed from the page. Nonetheless, photo captures of the post have quickly proliferated across social media, home video enthusiast boards and outlets including The Digital BitsResetera and Disney Fanatic.

The news fired up numerous Australian media writers who reached out to Disney for a comment or clarification – so far to no official response. Queensland film critic Peter Walkden posted on Twitter that he spoke with staff at a branch of major retailer JB Hi-Fi who “confirmed that Guardians of the Galaxy Vol 3 will be the last #Disney release to go on disc until further notice.”

Searches across numerous Australian retail sites for potential upcoming Disney home video titles confirm that the live-action “The Little Mermaid,” Pixar’s “Elemental” and “Indiana Jones and the Dial of Destiny” are not listed – even as ‘Mermaid’ is available for pre-order on the sites of US and EU retailers.

In fact, the only apparent online listing for ‘Mermaid’ potentially even coming to Australia at present is a page on Blu-ray.com which appears to be more of a placeholder than anything else.

Cut to an hour ago and long-running journalist Bill Hunt at The Digital Bits posted the closest we’ll likely get to a confirmation until either a press release or direct response from Disney is issued. He says:

“We have confirmed today with multiple industry, distributor, and retailer sources in the region that Walt Disney Studios Home Entertainment is indeed pulling out of the Australian market in terms of physical media.

This follows similar moves in Asia (save for Japan) and Latin America, and the reason is apparently down to the gradual collapse of physical disc sales in the region, the growth of Disney+ Star streaming, and also the rise of global retailers (think Amazon, Zavvi, etc).

None of that will be of any comfort to disc fans in Australia, who will now have to pay a hefty shipping premium to import titles from outside the country. But it is true that Guardians of the Galaxy, Vol 3 will be the last new-release Disney title to get a physical release in the region.

Previously-released titles may continue to be available for purchase until the end of the year, but that will be up to individual retailers.

This is sadly not a shock. The availability of physical media in Australian retail stores from all studios has been shrinking in recent years, with only a fraction of the titles physically available elsewhere still being released in Australia.

Back in May, YouTube channel The Doctor Who Show posted a copy of a letter they received from Universal Pictures International Australasia in response to an enquiry about an upcoming ‘Who’ title.

That letter from Universal’s office in Sydney, Australia said in a key paragraph: “Due to the long term decline of the physical home entertainment market, we have made the painful decision to exit this category during 2023 and what will happen to future BBC releases in the region is not yet known at this point.”

However, in the two months since Universal is still very much releasing new titles to disc in the Australian market with listings for “Fast X” already available for pre-order whilst “The Super Mario Bros. Movie,” “Renfield,” and “Book Club: The Next Chapter” and currently available at retailers.

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Washout As Disney Cruise Line Reveals $325 Million Loss

Disney Dream
The Disney Dream docked in Nassau in the BahamasGETTY

Disney has revealed that its cruise line was still stuck in the troubled waters of the pandemic last year as it made a $325.8 million net loss – the second-worst result in its 26-year history.

According to financial statements that were recently filed, Disney Cruise Line’s revenue rose more than 11-fold in the year to October 1, 2022. Although demand began to return, it was still far from the pre-pandemic high when the cruise line had annual revenue of $1.6 billion in 2019.

The increase in demand led to a need for more personnel with staff numbers doubling last year to 6,221 and their pay increasing 67.8% to $104.1 million. The rise in revenue far outstripped the overall increase in costs which doubled to $1.5 billion thereby halving the cruise line’s loss from 2021 which was also fueled by the pandemic.

It brings Disney’s losses from its cruise line since the onset of the pandemic to a total of $1.2 billion which stands in stark contrast to the performance of its theme parks.

Disney prides itself on how quickly its attractions rebounded from the pandemic. Footage of queues of customers went viral when its parks in Orlando re-opened after just four months of lockdown in July 2020. There is good reason why it hasn’t been plain sailing for its cruise line.

Its fleet of five ships was grounded by the pandemic in March 2020 and sailings didn’t resume until summer the following year. Even then they only came back on stream in phases which kept the company that operates them in the red.

The cruise line’s results are not itemised in Disney’s filings in the United States as it doesn’t go into detail about each of the individual businesses it owns. However, Disney Cruise Line is operated by the Mouse’s Magical Cruise Company subsidiary which is obliged to file annual financial statements as it is based in the United Kingdom.

The cruise line has historically been a cash cow and Disney has sailed off with $1.6 billion of dividends from it as we revealed in January. However, in the same month, our report in the Sunday Times disclosed that Disney Cruise Line plunged to a $629.5 million net loss in 2021 after losing $255.9 million the previous year.

Disney Wonder in Ketchikan, Alaska
The Disney Wonder in Ketchikan, AlaskaGETTY

Despite the heavy losses, Magical Cruise Company’s five directors were paid 17.4% more last year with their combined pay hitting $2.2 million. The highest-paid director alone got $1.4 million, a 42.4% increase on 2021.

However, even though the company lost $325 million in 2022 it wasn’t left short.

The financial statements reveal that a fellow Disney subsidiary, Disney Enterprises, gave it a $500 million promissory note which had a number of consequences. Notably, the amount that Magical Cruise Company owed to group undertakings rose almost six times to $815.5 million.

That led to an 87% increase in the company’s net current liabilities – the level of debt that remains after its current assets (ones that will be used or sold within 12 months) have been subtracted from its current liabilities, which must be paid within 12 months.

Magical Cruise Company was left with $1.1 billion of net current liabilities thanks to the promissory note and, in turn, the financial statements say that the directors carried out a “cash flow forecast extending to a period no less than 12 months from the date of the financial statements, including consideration of severe yet plausible downsides, reflecting that the company was in a net current liability position as at 1 October 2022.

“Whilst they expect to be able to meet the day to day cashflow needs of the company, they have received assurances of continued financial support from a fellow group undertaking, in the form of a letter of support, to allow the company to meet its liabilities as they fall due without significant curtailment of operations for a period of at least 12 months from the date of these financial statements being signed.”

The financial statements add that “the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.” It may not sound like a resounding endorsement of the cruise line’s fortunes but it is exactly what was needed.

Disney Cruise Line finally seems to be charting a course back to profitability. Last month it extinguished the $500 million promissory note and replaced it with a $500 million revolving credit agreement which falls due on June 14 2024. The directors expect to right the ship well before then.

According to the financial statements, “all of the company’s cruise ships have resumed sailing, with occupancy continuing to increase as demand for travel rebounds.”

They add that “as the cruise industry continues to recover from the COVID-19 pandemic, we have seen an increase in occupancy levels…to 96% as of March 2023.” The company has been heading full steam ahead since then.

Later this year Disney Cruise Line will launch its first-ever South Pacific itineraries, giving guests the chance to experience exotic destinations like Fiji and Samoa as well as Australia and New Zealand.

This should build on the boost in occupancy which hasn’t just been driven by pent-up demand during lockdown. Disney Cruise Line has also tempted tourists with a new ship.

Disney Wish
The Disney Wish is the company’s newest ship (Photo by Hauke-Christian Dittrich/picture alliance via … [+]DPA/PICTURE ALLIANCE VIA GETTY IMAGES

Launched in June last year, the Disney Wish was the cruise line’s first new ship in a decade. It features an innovative water slide with screens set into the side of the tubes to tell a story about Mickey Mouse whilst riders rocket past on rafts propelled by powerful jets of water.

Built at Germany’s Meyer Werft shipyard, the Disney Wish has 1,254 rooms and is valued at $1.4 billion in the financial statements. As shown in the table below, it is five times the value of the Disney Magic which was the media giant’s first vessel when it launched in 1998.

Value of Disney Cruise Line’s fleet

Disney Magic (1998) $278.7m

Disney Wonder (1999) $303.9m

Disney Dream (2010) $760m

Disney Fantasy (2012) $810m

Disney Wish (2022) $1.4bn

The directors expect the cruise line to return to profitability in 2023 thanks to its increase in capacity and occupancy combined with the new routes. It isn’t stopping there.

Disney will launch three more cruise ships over the next two years including one which will be the world’s largest by passenger capacity as it will accommodate 6,000 people. Disney acquired it in November for a reported $44 million after its previous owner, Genting Cruise Lines, fell into administration.

In March Disney announced that the ship’s home port will be Singapore when it launches in 2025. In the meantime, two other ships in the same class as the Wish will launch in 2024 and 2025 starting with the Disney Treasure. Referring to these acquisitions, the financial statements reveal that Magical Cruise Company has $1.9 billion of minimum contractual payments under its purchase agreements. That’s not all.

A wholly-owned subsidiary of Magical Cruise Company is also developing Disney’s second private island in the Bahamas which is due to open in summer next year. Called Lighthouse Point, 90% of the site’s power will come from solar energy and less than 20% of the entire site will be developed to preserve the original habitat. Touches like this differentiate Disney from other operators and that’s exactly what it needs.

Data from industry monitor CruiseMarketWatch shows that in 2021 Disney had just 2.2% of the market for passengers and 2.7% of the total revenue. It is a far cry from industry leader Carnival, with its 37.1% share of the revenue and 42% of the passengers. So, despite its growth and the strength of its brand, Disney’s cruise line is still a minnow of the industry.

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Disney Terminates Benefits, Eliminates Park Entrance

Over the years, Disney Guests have seen the Disney Parks and Resorts undergo some serious change. From new rides and attractions to higher prices, nearly everything has changed at Disney over the last few years.

The catalyst for most of these changes was of course, the outbreak of COVID-19 in early 2020. Since the start of the global pandemic, practically everything has changed at Walt Disney World, Disneyland, and the other Disney Resorts.

These changes extend to the international Parks as well, with tons of new and exciting things on the horizon for Tokyo Disneyland, Hong Kong Disneyland, and Disneyland Paris.

Disneyland Paris
Credit: Disneyland Paris

Disneyland Paris is perhaps the Disney Resort with the most going on at the current moment. In 2022, the Resort received its own version of Avengers Campus, a Marvel-themed land that first opened at the Disneyland Resort in California. Unfortunately, not everything is positive, with Disneyland Paris facing some intense backlash over its recent decision to scrap its Annual Pass system.

This news came as quite a shock, with Disneyland Paris revealing the decision earlier in July.

The new pass, which is called the “Disneyland Pass,” brings a whole host of issues for loyal Annual Passholders, most notably, the removal of several key benefits.

Guests no longer receive stroller and wheelchair rentals or free locker storage at the Parks. Annual Passholders also don’t get discounts on hotels or day tickets.

Another major blow to Annual Passholders was the revelation that the Annual Passholder entrance would be eliminated. As is the case at both Disneyland and Walt Disney World, Annual Passholders used to have their very own dedicated entrance to the theme parks.

However, as part of this new system, this entrance was removed.

A new entrance is not expected to replace it, meaning Passholders will have to use the normal Park entrances.

avengers-campus-hero-up
Credit: Disneyland Paris

Currently, the Disneyland Paris Resort is facing a crisis with its Cast Members. Starting earlier this year, Disneyland Paris employees began striking, publicly protesting against the working conditions at the Resort.

Over the last few months, Cast Members have engaged in multiple demonstrations inside the theme parks. At the moment, there is no end in sight to the disagreement between Disneyland Paris and its employees.

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Woolworths launches new collectable partnership with Disney

Woolworths has announced the launch of a new collectables scheme in honour of Disney’s 100th anniversary.

The supermarket revealed on Wednesday its partnership with Disney for its collaboration on the “Disney 100 Wonders Collector Cards”.

The new collectable program, much like those before it, will allow shoppers the chance to collect a pack containing three cards for every $30 they spend in store and online.

Woolworths shoppers can begin collecting Disney cards next week.

Woolworths shoppers can begin collecting Disney cards next week.

From July 26 – next Wednesday – customers can begin collecting the 100 character cards from Disney, Pixar, Marvel, and Star Wars including characters like Mickey Mouse, Woody, Captain Marvel, and Grogu.

Customers can also earn an additional pack of cards when purchasing a range of participating products, limited to three bonus packs per participating brand per shop.

Woolworths said its list of participating brands and products would be available on its website, along with all its terms and conditions.

There will be 100 cards to collect. Picture: Dallas Kilponen/Woolworths

There will be 100 cards to collect. Picture: Dallas Kilponen/Woolworths

Each pack contains three cards. Picture: Dallas Kilponen/Woolworths

Each pack contains three cards. Picture: Dallas Kilponen/Woolworths

This limited edition card is one of the collectibles. Picture: Dallas Kilponen/Woolworths

This limited edition card is one of the collectibles. Picture: Dallas Kilponen/Woolworths

“Our new Disney 100 Wonders Collector Cards give our customers the chance to bring home a special treat as part of their regular grocery shop,” Paul Stibbard, Woolworths Senior Manager Collectibles and Continuity, said.

“Our customers of all ages love Disney, and for those who are also passionate about card-collecting, this is an extra reward when they shop with us.

“With 100 cards to collect across the Disney, Pixar, Marvel and Star Wars franchises, there’s something for everyone to get excited about.”

The new collectable program follows the supermarket’s previous partnerships with the animation giant like Disney Words, Lion King and Disney+ Ooshies and Fix-emsTM.

Vice President and General Manager of Consumer Products Commercialisation at The Walt Disney Company Australia and New Zealand, Tim Everett, said the company was “proud” of its long-time Woolies collaboration.

“We are really proud of our longstanding partnership with Woolworths and this year, as we celebrate our 100th anniversary, we have a special opportunity to launch a collectable honouring our history, stories and characters,” Mr Everett said.

“We love how passionate Aussies are about our characters and we look forward to seeing how Woolworths customers celebrate through building their Disney 100 Wonders Collector Cards collections.”

The new cards are kerbside recyclable and made from FSC certified paper. They also use water soluble inks and a water soluble coating.

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Disney wants to keep ESPN, could offload some traditional TV assets, Iger says

The Sandy Hook Promise Benefit in New York
Robert Iger speaks at the Sandy Hook Promise Benefit in New York City, U.S., December 6, 2022. REUTERS/David ‘Dee’ Delgado

July 13 (Reuters) – Walt Disney (DIS.N) wants to keep ESPN and will look for strategic partners to form a joint venture or buy a stake in the sports network to help take it directly to consumers, CEO Robert Iger said on Thursday in an interview to CNBC.

Speaking for the first time since Disney extended his contract until the end of 2026 on Wednesday, Iger also hinted that the company could sell some of its traditional TV assets that have struggled for years due to the rise of streaming services.

“We’re going to be open-minded… not necessarily about spinning ESPN off but about looking for strategic partners that can either help us with distribution or content,” Iger said.

“We want to stay in the sports business.”

Iger returned from retirement in November last year to help revive growth at Disney, which has been battling cord-cutting at its linear business and steep losses in the streaming unit.

He said on Thursday the company will be “expansive” in its approach to the traditional TV business, which includes broadcast, cable and satellite.

“They may not be core to Disney,” said Iger, who has for years warned about the ongoing decline in linear TV.

ESPN, a long time cash cow for Disney, is also caught between declining cable subscribers and increasing fees paid to sports leagues. It laid off about 20 of its personalities last month to help manage costs and hit its financial targets.

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HOLLYWOOD STRIKE

Iger also took issue with the ongoing strike by Hollywood writers, saying it was the “worst time in the world” for such a move as it added to the disruptions of the COVID-19 pandemic.

The remarks came just hours after negotiators for the actors union unanimously recommended a strike after talks with studios broke down, setting the stage for performers to join writers on the picket lines as early as Thursday and disrupt scores of shows and movies.

“There’s a level of expectation that they have that is just not realistic,” Iger said, adding that the strikes will have “a very, very damaging effect on the whole business.”

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Disney extends CEO Bob Iger’s contract through 2026, two years longer than planned

Disney CEO Bob Iger arrives for the 92nd Oscars at the Dolby Theatre in Hollywood, California, Feb. 9, 2020.

Disney CEO Bob Iger arrives for the 92nd Oscars at the Dolby Theatre in Hollywood, California, Feb. 9, 2020.

Robyn Beck | AFP | Getty Images

The Walt Disney Company will extend CEO Bob Iger’s deal by two years, extending his tenure through 2026.

Shares of the company were effectively flat after the news.

Iger told CNBC in February that he had no intention to stay longer than two years in his post, which would have taken him through 2024. Iger returned to Disney in November, retaking the job from Bob Chapek, who was appointed CEO in early 2020. Iger planned to prepare his next successor during his new stint as CEO.

The succession process remains a key issue for Iger, who noted in a statement Wednesday that the board of directors of the company continues to evaluate candidates for the post. “I want to ensure Disney is strongly positioned when my successor takes the helm,” Iger said of extending his contract. “The importance of the succession process cannot be overstated.”

Iger has delayed succession decisions before, however. On four different occasions between 2013 and 2017, he extended his tenure as CEO after saying he planned to retire.

Iger’s second tenure at Disney has coincided with upheaval in the legacy media space. Big players such as Disney have had to contend with a rapidly shifting landscape, as ad dollars dry up and consumers increasingly cut off their cable subscriptions in favor of streaming.

Yet, the streaming space has been difficult to navigate in recent quarters, as expenses have swelled and consumers become more conscious about their media spending. The slowdown in streaming subscribers cut valuations for Netflix, Disney, Warner Bros. Discovery and Paramount Global roughly in half in 2022, before several of the stocks rebounded in the first half of this year along with the broader market.

Since he returned, Iger has undertaken a broad restructuring of the company, including 7,000 layoffs.

“We’ve made important and sometimes difficult decisions to address some existing structural and efficiency issues, and I’m proud of what we’ve been able to achieve together,” Iger wrote in a memo to employees that was obtained by CNBC on Wednesday. “But there is more to accomplish before this transformative work is complete, and I am committed to seeing this through.”

Disney has been pulling programming from its streaming services to save money. The company is also trying to pull its animation business out of a major rut, as its latest Pixar movie, “Elemental,” recorded the lowest opening weekend gross for the studio since the original “Toy Story” premiered in 1995.

When Disney recently finished laying off 7,000 employees, it saw the departure of veteran Chief Financial Officer Christine McCarthy.

“Bob has once again set Disney on the right strategic path for ongoing value creation, and to ensure the successful completion of this transformation while also allowing ample time to position a new CEO for long-term success, the board determined it is in the best interest of shareholders to extend his tenure, and he has agreed to our request to remain Chief Executive Officer through the end of 2026,” said Mark Parker, Disney’s chairman.

CNBC’s David Faber will interview Iger on CNBC’s “Squawk Box” at 8 a.m. ET on Thursday.

Read Iger’s full memo to Disney employees:

Dear Fellow Employees,

I want to thank you for your tremendous dedication, patience, and optimism as we’ve taken important steps to reposition the company for enduring creative and financial success. Since my return to Disney just seven months ago, I’ve examined virtually every facet of our businesses to fully understand the tremendous opportunities before us, as well as the challenges we face on numerous fronts.

We’ve made important and sometimes difficult decisions to address some existing structural and efficiency issues, and I’m proud of what we’ve been able to achieve together. But there is more to accomplish before this transformative work is complete, and I am committed to seeing this through.

To that end, I’m writing to share that I have agreed to the Disney Board’s request to remain CEO for an additional two years – through the end of 2026.

As I’ve said many times since we began this important transformation of the company, our progress will not be linear as we continue navigating a difficult economic environment and the tectonic shifts occurring in our industry. This is a moment that requires us to remain steadfast, strategic, and clear-eyed about the road ahead.

It is also important to me that Disney is strongly positioned when my successor takes the helm. As the Board continues to evaluate a highly qualified slate of internal and external candidates, I remain intensely focused on a successful CEO transition.

Through it all, I am unwaveringly optimistic about Disney’s future. I believe in this company. I believe in the leadership team I have around me. And I believe in you – our spectacular employees and Cast Members. It’s an honor to work alongside you as we chart Disney’s path forward together, and I look forward to all that we will continue to achieve over the coming years.

Thank you for all you do,
Bob

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Disney and Pixar’s Elemental Delivering Big Box Office Rebound After Historically Low Start

Last month, Disney and Pixar’s Elemental made some unfortunate history for the storied animation companies. The newest Pixar film, billed as an animated romantic comedy, delivered the studio’s worst opening weekend at the box office since Toy Story back in 1995. Elemental delivered just under $30 million in its opening weekend a few weeks ago, spelling potential disaster for Pixar after a couple of years where each of the studio’s films was sent directly to Disney+. Fortunately, in the weeks since its debut, Elemental has been making some big gains in several different markets.

Elemental has just delivered another substantial weekend overseas, helping raise its global total even higher. According to DeadlineElemental made $30 million internationally this weekend, dipping just 21% from its performance last weekend. Markets like Australia, Korea, and Brazil even saw a rise in money from week to week.

So far, Korea is the biggest international market for Elemental, bringing in a total of $25.8 million. China, Mexico, France, and Australia represent the other substantial international markets for the film. As of right now, Elemental has made a total of $252 around the globe, when combining the domestic and international totals. 

After the disappointing opening weekend news, $252 million feels like a serious achievement for Elemental, which could actually be on its way to making some money for Disney and Pixar. The conversation around Pixar films heading into next year’s Elio will be a lot different if Elemental becomes a positive box office earner.

Elemental’s Major Influences

Ahead of Elemental‘s theatrical debut last year, director Peter Sohn spoke with ComicBook.com about the filmmakers that influenced his unique Pixar love story.

“The visuals were definitely a combo of Gordon Willis and how he would shoot the cities between The Godfather and Manhattan and those movies, for sure. There was that. There was [Jean-Pierre] Jeunet. There’s a lot of French love in this, for sure, in terms of how they made cities like postcards in some of their movies,” Sohn explained. 

“We watched so many movies for reference, for culture clash. That was also a big part of it,” added producer Denise Ream. “Romantic comedies, we watched. Sohn continued, “Yeah. There is a director, though, that I don’t talk about a lot, but it was Norman Jewison. He did Fiddler on the Roof and Moonstruck. Oh, both of us, that’s one of our favorite movies individually.” 

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