The statue of Walt Disney and Mickey Mouse welcomes guests to Disneyland. Picture: 123RF/ IDEALPHOTOGRAPHER
Disney is facing pressure from activist investor Daniel Loeb, founder of hedge fund Third Point, to increase funding to Disney+ and the rest of its streaming businesses. CEO Bob Chapek, speaking to CNBC television, described the shift as “tilting the scale pretty dramatically” toward streaming. “Wonder Woman” director Patty Jenkins is among dozens of top Hollywood names urging US Congress to provide financial aid to help cinemas weather pandemic shutdowns.
But even as investors have rewarded Netflix with high valuations for its single-minded focus on making content exclusively for subscribers, Wall Street analysts questioned the financial viability of traditional studios doing the same.