On the other? China. A very misunderstood business culture. I sure don't understand it beyond "they do things their own way." They are a people who are very much used to getting their own way.... For much longer than America has been around.
I don't think we can really analyze the nuances of What is going on without a crash course in Chinese Business Culture and Economics. They have their own set of rules and frankly, I don't see them playing by Wall Street's rules or models.
It's partly that ... just partly ...
Frankly, as someone who has lived and worked there (how many times do I repeat that?), I don't think you can learn the ways of China in a course. You just have to go there and immerse yourself in the culture and people (who are truly great ... I get treated royally there, even better than at a fanboi party!)
But there's always a lost in translation deal to some degree, unless you are dealing with the privileged kids of party members who have come to the USA and gone to a top university here (BTW, those are the ones who know all about the Disney BRAND).
Sometimes, you think you are agreeing on the same thing and you just ... aren't.
I always use the example of one of my favorite local restaurants (I could so go for their food right now!) The English translation is Golden Tripod Attic but it is essentially gibberish. It doesn't mean anything that makes sense in English. You see so much of that.
And this might be where TWDC is having problems with China. Perhaps they simply don't get how business is done in Shanghai? Perhaps that part of the world is incomprehensible to the army of Harvard-educated MBAs that take up space in the Team Disney building in Glendale?
Alas my larger concerns are about making sure it's done right, so Disney can capture the emerging middle class in China and to a lesser extent, India.
Absolutely accurate. Most MBAs seem to go abroad for a week (I have a friend doing so now!) just so they can list international experience on a CV. It just doesn't work that way. I have lots of experience in China, but I'd never say I'm an expert. I probably know more about doing business there than 99% of the folks here, but what do I get for that? Free dim sum?
As to India ... way too many 'issues' for Disney to have interest beyond growing the BRAND thru exposure to TV and Film product.
If anything, this missing $800M is reinforcement of why Disney needs better corporate governance and greater transparency to the shareholders. They seem more interested in their image rather than actually accomplishing anything or doing things the right way. I will give it to Zenia (I've heard my own stories. She's not to be trifled with), her and the PR machine is doing their best at crafting and controlling the message and the story.
However, eventually the truth will leak out. There's too much money involved. The question IMO is will anyone be paying enough attention to care when it does?
Such is my thoughts. I don't know enough about how business is done in China to evaluate if Bobby has doomed himself. Alas I know enough about American Capitalism to know that someone's going to ask where that $800M went and likely someone will be held accountable.
Screwing up a timeshare in Hawaii cost a bunch of mid level jobs. Screwing up The entry into China? That's going to be senior level departures, likely without a golden parachute.
IMO.
I don't think one business reporter or analyst has asked about that $800 million (recall that was the 1982 cost of EPCOT Center and more than the 1998 cost of DAK or the entire DLR expansion including DCA, DD and the Grand Cali in 2000-01). Disney said it was spending it on ''additional attractions and added capacity'' and Wall Street just nodded its collective heads. Typical.
And sadly, if that money has gone to rebuild things, overruns and, even, graft, no one will say a word provided the resort opens and gets off to a good start. News doesn't get reported today ... and, sometimes, when it does, either folks ignore it or folks at the highest levels simply make it disappear or irrelevant.
That wouldn't have happened even two decades ago when we had real media and not citizen 'journalists' tweeting PR to get free stuff. Journalism is close to dead in this country.