You will be redirected back to your article in seconds

No. 2: Walt Disney

Burbank, Calif.

Revenue: $25.4 billion

Profit: $832 million

If the Mouse House hasn’t been the Happiest Place on Earth this past financial year, take note that executives hope that 4,000 job cuts made this spring is going to help shape up the company’s bottom line and bring back smiles — at least, in the board room.

Pro forma profit was up in 2000 after the shuttering of Disney’s costly Go.com Internet portal. But in comparison, fiscal 2000 repped a 71% profit drop from the previous 12 months — to $920 million — due to a big noncash charge for Netco losses.

“The year ended better than we expected but not better than what we knew was possible,” chief Michael Eisner summarized.

Meanwhile, Disney’s consumer products division was still waiting for the benefits of its ongoing turnaround campaign, homevid operations continued to struggle, and ABC was socked by ratings woes and an economy-driven downturn in ad sales.

As a result, the entertainment and media behemoth in March offered voluntary layoffs to employees throughout its studio operations, ABC, theme parks and elsewhere in the Magic Kingdom. But by June it became apparent 1,000 forced furloughs would be needed to reach the targeted 4,000 job cuts.

Looking ahead, Disney is expected to make some selected acquisitions, as the Mouse House still has ample cash resources despite operational sluggishness. Targets include TV stations and cable webs, as well as the Jim Henson film and TV company.

More Biz

  • Korea's CJ CGV Switches Turkey CEOs

    Korea's CJ CGV Switches Turkey CEOs as It Battles With Local Industry

    Yeun Seung-ro has been appointed as CEO of CGV Mars Entertainment, the Korean-owned company that operates Turkey’s largest cinema chain. He replaces Kwak Dong Won, another veteran of the CJ-CGV group. The change of personnel may reflect two ongoing battles within the Turkish film industry. CJ-CGV, which bought Mars for some $650 million in 2016. [...]

  • China Video Streaming Giant iQIYI Loses

    Chinese Video Giant iQIYI Loses $1.3 Billion in 2018

    Chinese video streaming firm iQIYI lost over $1.3 billion in 2018, as revenues and subscriber numbers ballooned. The deepening losses reflected ever higher spending on original content production. Announcing its first full-year financials since a March IPO that launched it onto the NASDAQ, iQIYI said that it lost $1.3 billion (RMB9.1 billion) last compared with [...]

  • Lisa Borders Time's Up

    Time's Up CEO Resigned After Son Was Accused of Sexual Assault

    Time’s Up has announced in a statement posted to Instagram that its former president and CEO Lisa Borders, who resigned Feb. 18, did so after her son was accused of sexual assault in a “private forum.” “Within 24 hours, Lisa made the decision to resign as President and CEO of Time’s Up and we agreed [...]

  • Louis Tomlinson Signs With Arista (EXCLUSIVE)

    Louis Tomlinson Signs With Arista (EXCLUSIVE)

    One Direction’s Louis Tomlinson has signed with Arista, sources tell Variety. While the singer was formerly linked with Epic Records in 2017, he is signed directly to Simon Cowell’s Syco label and will move within the Sony Music family to Arista. Tomlinson teased a new single on Feb. 2, posting on Twitter, “Just heard the [...]

  • Jussie Smollett

    Jussie Smollett's Bail Set at $100,000, Must Surrender Passport

    UPDATED: A Chicago judge set a $100,000 bond for Jussie Smollett on Thursday, as the “Empire” actor made his first court appearance. Smollett faces one felony count of filing a false police report. Police allege that Smollett staged a Jan. 29 attack, telling detectives that he was accosted by two men who used racial and [...]

  • Michael Jackson Estate Accuses HBO of

    Michael Jackson Estate Sues HBO for Non-Disparagement Contract Breach

    The estate of Michael Jackson sued HBO on Thursday, accusing the cable channel of violating a non-disparagement clause by agreeing to run “Leaving Neverland,” a documentary accusing Jackson of sexual abuse. The suit seeks to compel HBO to litigate the matter in a public arbitration process, and claims that the estate could be awarded $100 [...]

More From Our Brands

Access exclusive content