Disney character Mickey Mouse is seen above the entrance at Disneyland Paris during the 25th anniversary of the park, in Marne-la-Vallee, near Paris, France.
Benoit Tessier | Reuters
Disney is warning investors that the coronavirus pandemic has affected so many of its business segments that it’s becoming more challenging for the company to estimate its future performance.
“We have closed our theme parks; suspended our cruises and theatrical shows; delayed theatrical distribution of films both domestically and internationally; and experienced supply chain disruption and ad sales impacts,” the company said in a filing with the Securities and Exchange Commission Thursday.
“In addition there has been a disruption in creation and availability of content we rely on for our various distribution paths, including most significantly the cancellation of certain sports events and the shutting down of production of most film and television content,” the company said.
Shares of Disney are down around 37% since January, falling below $100 per share for the first time since Oct. 2017.
The company has had to postpone one film from its first quarter slate — “Mulan” — and almost all of its second quarter releases as theaters shutter and consumers avoid large gatherings.
Here are all Disney, Searchlight Pictures and 20th Century films due out in the second quarter:
- “New Mutants” — April 3 (postponed)
- “Antlers” — April 17 (postponed)
- “Black Widow” — May 1 (postponed)
- “The Personal History of David Copperfield” — May 8 (postponed)
- “The Woman in the Window” — May 15 (postponed)
- “Artemis Foul” — May 29
- “Soul” — June 19
Its theme parks across the globe are closed at least until April, but experts in the industry foresee those closures lasting longer. Hotels associated with these parks are also closed and cruises are less likely to resume in the interim.
Additionally, Disney has a robust television business that has seen productions shut down and with sports leagues postponing their seasons, ESPN is without its traditional slate of content.
This is a breaking news story. Please check back for updates.