[ad_1]
Disney World celebrated its 50th anniversary in April 2022.
Aaronp | Bauer-Griffin | GC Images | Getty Images
Disney said Tuesday it will nearly double its planned investment in the company’s parks and cruises business.
The company said in a securities filing it will nearly double its planned investment to roughly $60 billion over the course of 10 years.
While the company is grappling with the changing media and entertainment landscape – and trying to make its streaming business profitable while considering sales of its traditional TV networks – the theme parks, experiences and products division has been a bright spot.
Still, the domestic parks, particularly Walt Disney World in Florida, has seen a slowdown in attendance and hotel room purchases. Instead, the segment’s strength has come from its international parks. During the third quarter the division saw a 13% increase in revenue to $8.3 billion.
The company will unveil more details about the investment at its investor day Tuesday.
Disney highlighted the historical results of the parks and experiences business since 2017 on the back of heightened investment. Disney’s parks, like its peers, suffered during the lockdowns of the pandemic.
Its peers, including Comcast’s Universal parks in Florida, experienced a similar slowdown.
The heightened investment comes as Disney has been embroiled in lawsuits with Florida Governor Ron DeSantis, which could affect its proposed expansion of the Orlando location over the coming years.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC.
This is breaking news. Please check back for updates.
[ad_2]
