LOS ANGELES - Walt Disney Co on Tuesday avoided the unmitigated disaster some investors feared as it eked out an adjusted profit amid the coronavirus pandemic that shut down parks, movie theaters and sporting events across the globe.
"The majority of businesses worldwide have experienced unprecedented disruption as a result of the pandemic," Disney chief executive Bob Chapek told analysts."Most of our businesses were shut down, and this had a huge impact." "What we plan to do is invest even more in our content in order to keep that machine cranked and going," he said.
In a surprise move, Disney said it will release"Mulan" on Disney+ on Sept. 4 for people to watch at home at a cost of US$30, and in theaters in markets where Disney+ is not available.The decision followed a deal in July between Comcast Corp's Universal Pictures and cinema chain AMC Entertainment Holdings Inc to allow the studio to release films directly to consumers after just three weeks in theaters, down from the average three months.
The media network segment, which includes ESPN and Disney channels, reported a 48 per cent jump in operating income to US$3.15 billion.
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