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Disney announces 'Moana' sequel, beats forecasts

Disney is acquiring a "small equity stake" in Fortnite-maker Epic Games, and will release a sequel to its high-grossing animated film "Moana".

Article (news)

Agence France-Presse

<div><strong>Disney beats forecasts as streaming struggles improve<br/></strong></div><p>SAN FRANCISCO, United States - Disney on Wednesday reported higher than expected profit in the final three months of last year as it strives to adapt to a shift from television to streaming.</p><p>During the earnings announcement, Disney chief Robert Iger also revealed that the entertainment giant is acquiring a &quot;small equity stake&quot; in Fortnite-maker Epic Games, and will release a sequel to its high-grossing animated film &quot;Moana&quot;.</p><div><br/></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/cZSywj-vkxA?&amp;t=1s&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><div><iframe class="instagram-media instagram-media-rendered" id="instagram-embed-3" src="https://www.instagram.com/reel/C3D5k3zxOrt/embed/?cr=1&amp;v=14&amp;wp=596&amp;rd=https%3A%2F%2Fnews-workbench-web.abs-cbn.com&amp;rp=%2F#%7B%22ci%22%3A3%2C%22os%22%3A3281049.6%2C%22ls%22%3A3224802%2C%22le%22%3A3225317.6%7D" allowtransparency="true" allowfullscreen="" frameBorder="0" height="835" data-instgrm-payload-id="instagram-media-payload-3" scrolling="no" style="background:white;max-width:540px;width:calc(100% - 2px);border-radius:3px;border:1px solid rgb(219, 219, 219);box-shadow:none;display:block;margin:0px 0px 12px;min-width:326px;padding:0px"></iframe></div><script async="" src="https://www.instagram.com/embed.js"></script><p>The entertainment giant reported a net income of $2.15 billion on revenue of $23.5 billion, about the same amount of money it brought in during the same quarter a year earlier.</p><p>&quot;Our strong performance this past quarter demonstrates we have turned the corner and entered a new era,&quot; Iger said on an earnings call.</p><p>He added that Disney is focused on &quot;building streaming into a profitable growth business, reinvigorating our film studios, and turbocharging growth in our parks and experiences.&quot;</p><p>Iger also boasted that Disney+ streaming service will be the exclusive online stage for Taylor Swift&#x27;s recent concert film.</p><iframe class="instagram-media instagram-media-rendered" id="instagram-embed-5" src="https://www.instagram.com/p/C3D9ZfRMfTo/embed/?cr=1&amp;v=14&amp;wp=596&amp;rd=https%3A%2F%2Fnews-workbench-web.abs-cbn.com&amp;rp=%2F#%7B%22ci%22%3A5%2C%22os%22%3A3328503%2C%22ls%22%3A3224802%2C%22le%22%3A3225317.6%7D" allowtransparency="true" allowfullscreen="" frameBorder="0" height="835" data-instgrm-payload-id="instagram-media-payload-5" scrolling="no" style="background:white;max-width:540px;width:calc(100% - 2px);border-radius:3px;border:1px solid rgb(219, 219, 219);box-shadow:none;display:block;margin:0px 0px 12px;min-width:326px;padding:0px"></iframe><script async="" src="https://www.instagram.com/embed.js"></script><p>A day earlier, Disney-owned ESPN, Fox and Warner Bros Discovery said they reached agreement on a new streaming platform for live sports content.</p><p>The platform would combine the sports offerings of the three networks in one product, offering content from the top US leagues and is planned to be launched later this year.</p><p>The product is targeted at &#x27;cord-cutters&#x27; who prefer to subscribe to streaming services rather than traditional cable TV packages.</p><p>Consumers would be able to bundle the product with existing broader streaming offerings from Disney+, Hulu and Max.</p><p>Disney has been under significant pressure ever since Iger left the company only to be brought out of semi-retirement more than a year ago when his successor underperformed.</p><p>Upon his return, Iger embarked on a cost-cutting campaign that saw major cuts to the lavish spending that got Disney+ off the ground.</p><p>Disney has since raised prices and cracked down on password sharing on the streaming service, and the efforts seemed to be paying off.</p><p>Disney’s direct-to-consumer business, of which Disney+ is part, lost a less than expected $138 million in the last quarter of last year, compared with a loss of $984 million 12 months earlier.</p><p>But rival streamer Netflix has seen subscriber numbers grow and profits soar despite its crackdown on sharing passwords and higher prices.</p><p>As he works to put Disney&#x27;s streaming service on a profitable path, Iger is trying to fend off campaigns by activist investors to win seats on the entertainment giant&#x27;s board at an annual meeting of shareholders on April 3.</p><p>&quot;We want to ensure that Disney has the right collection of minds around the boardroom table,&quot; Blackwells Capital said Tuesday in a letter urging support for its board candidates.</p><p>&quot;Disney has not delivered for its shareholders over the last few years.&quot;</p><div><br/></div><p>gc/arp</p><div><br/></div><div><strong>© Agence France-Presse</strong></div>

<p>Disney is acquiring a "small equity stake" in Fortnite-maker Epic Games, and will release a sequel to its high-grossing animated film "Moana".</p>