Walt Disney Co. said it plans to nearly double investment in its parks and resorts segment to $60 billion over the next ten years, according to a filing Tuesday.
The world’s largest theme park operator said it has over 1,000 acres of land it could develop and cited the growth it has seen over past years from investing in rides, cruise ships and other attractions tied to its movies and characters.
The company is hosting a three-day series of events for Wall Street analysts at its Walt Disney World resort. The program, which began Monday, includes tours of the theme parks as well as of its newest cruise ship, the Disney Wish. Also scheduled were presentations from Chief Executive Officer Bob Iger, ESPN Chairman Jimmy Pitaro and theme parks chief Josh D’Amaro.
The world’s largest entertainment company has been wrestling with seismic changes in the TV and film business as consumers watch more programing on streaming services, rather than on traditional TV and in movie theaters. Iger has said the company may sell traditional channels like ABC, and that it’s looking for a strategic partner at ESPN.
Iger returned to run the company in November after the board fired CEO Bob Chapek. Disney shares have recently traded at nine year lows.
Separately, Warner Music Group said it an hired longtime Disney financial executive Bryan Castellani to be its new chief financial officer.
