Disney’s Q1 FY23 Earnings Results Webcast - Wednesday, Feb 8, 2023

[ctrlaltdel]

It was interesting that Bob said the previous regime looked into selling ESPN.

It def would have generated a ton of cash. But have no idea how much it would have fetched, since while it is a profit machine, it clearly has massive headwinds.

 

[Rteetz]

Any chance ESPN jumps in if Sinclair goes belly up and the RSN deals with MLB, NBA, and NHL fall apart?

Not sure they can do much with that as selling off RSNs was part of the Fox deal.

 

[SteamboatJoe]

Synergy has existed since the founding of TWDC. Some could argue that they basically invented and perfected it

Can't argue the primary point, perhaps inappropriate or overuse of synergy would be more accurate.

 

[ctrlaltdel]

Not sure it’s a great idea to further cut cap ex at the parks…I thought he was gonna invest.

Mostly a timing issue. It sounds like they are keeping a similar level of investment for the fiscal year. I would say if they keep investing a similar amount for what they've done at the domestic parks the past 5 years that's pretty solid.

 

[SteamboatJoe]

Not sure they can do much with that as selling off RSNs was part of the Fox deal.

True from what I know but it sounds like even the existence of the RSNs themselves could be in trouble. Teams are worried they are going to miss out on massive amounts of revenue.

 

[brb1006]

I think any thought of a Zoootopia sequel was wrapped into Zootopia+ for D+.

That doesn't count since Zootopia+ took place between the original film's events.

 

[TP2000]

It's possible that they're all layoffs, but Bob chose his words carefully and by the way he phrases it, it's not NECESSARILY all layoffs.

It's 7,000 jobs that currently exist, that will soon cease to exist.

A few of them may be random open positions in random departments, an open Project Manager gig in Engineering, or a Communications Manager in Public Affairs who quit last month, or what have you.

But the vast majority of these 7,000 layoffs will be people currently earning a paycheck from Disney in February who will no longer be earning a paycheck from Disney by April.

On the bright side, I imagine all the folks "working from home" will suddenly be returning to their office next week. If not tomorrow...

"Look! I exist! I do stuff! Hi there! You need me here! I made a fresh pot of coffee in the break room! How are your kids?!"

First Quarter 2023 Layoff Tracker: Meta, Amazon, Twitter, Twilio Make Cuts

Amazon, Alphabet, Meta, Salesforce and Yahoo have all slashed staff this year, citing cloudy economic forecasts.

www.forbes.com

 

[CaptainAmerica]

Any chance ESPN jumps in if Sinclair goes belly up and the RSN deals with MLB, NBA, and NHL fall apart?

They can't, the government says no.

 

[SteamboatJoe]

Mostly a timing issue. It sounds like they are keeping a similar level of investment for the fiscal year. I would say if they keep investing a similar amount for what they've done at the domestic parks the past 5 years that's pretty solid.

And to say they aren't putting any money into parks would be inaccurate. Its the implementation that is usually questioned. That isn't to say more capex isn't warranted however. It sounds like the parks are healthy and have weathered the pandemic.

 

[CaptainAmerica]

It's 7,000 jobs that currently exist, that will soon cease to exist.

A few of them may be random open positions in random departments, an open Project Manager gig in Engineering, or a Communications Manager in Public Affairs who quit last month, or what have you.

But the vast majority of these 7,000 layoffs will be people currently earning a paycheck from Disney in February who will no longer be earing a paycheck from Disney by April.

On the bright side, I imagine all the folks "working from home" will suddenly be returning to their office next week. If not tomorrow...

"Look! I exist! I do stuff! You need me here! I made a fresh pot of coffee in the break room! How are your kids?!"

They've had a hiring freeze for three months. They almost certainly have open headcount in the thousands.

I think you're right, directionally. I just think "vast majority" is too strong.

 

[Surferboy567]

Mostly a timing issue. It sounds like they are keeping a similar level of investment for the fiscal year. I would say if they keep investing a similar amount for what they've done at the domestic parks the past 5 years that's pretty solid.

They have to green light something in the way of new projects. Particularly something massive, not hypothetical.

 

[SteamboatJoe]

They can't, the government says no.

Not with the existing RSNs but I don't think that applies to the leagues. Similarly would it preclude it from launching their own model under the existing ESPN umbrella?

 

[doctornick]

There is no reason to sell off ESPN. It's still a massive profit machine.

Yes, people often confuse the reality of “making less profit than the massive amounts in past years” with “unprofitable”. ESPN still makes good money and live sports are a bonanza for advertising revenue since they’re the main thing that anyone watches live.

 

[brb1006]

"We need another sequel out of Toy Story, what do we have?"

The other two are just... ugh.

I actually don't mind the news of a Zootopia sequel. The film's universe actually has a lot of potential to get expanded upon in either a trilogy or an animated series. Surprised they didn't give the film the Lilo and Stitch treatment.

 

[MagicHappens1971]

That doesn't count since Zootopia+ took place between the original film's events.

What I mean is that I think people assumed that Zootopia would get a sequel bc of how popular it was, and then those rumors died down when they announced the D+ show

 

[doctornick]

Any chance ESPN jumps in if Sinclair goes belly up and the RSN deals with MLB, NBA, and NHL fall apart?

Well since those were the exact networks they bought from Fox and were forced to sell to avoid antitrust concerns… no I don’t think so.

 

[GhostHost1000]

I actually don't mind the news of a Zootopia sequel.

Wonder what happens to the zootopia idea at AK if the sequel bombs

 

[CaptainAmerica]

Wonder what happens to the zootopia idea at AK if the sequel bombs

 

[ctrlaltdel]

Wonder what happens to the zootopia idea at AK if the sequel bombs

Always a possibility as for as big of a hit as it was it hasn't stuck around as much. That being said it was massive OS, don't think it will bomb.

 

[GhostHost1000]

Agreed. Let’s hope