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.

Popular on Variety

More Biz

  • Leonardo Dicaprio Once Upon a Time

    Leonardo DiCaprio's Earth Alliance Commits $5 Million to Amazon Fires

    Earth Alliance, an environmental initiative backed by Leonardo DiCaprio, has committed $5 million toward the preservation of the Amazon rain forest following an alarming surge in wildfires. After launching Sunday, the organization’s emergency Amazon Forest Fund is working to support local partners and indigenous communities in their efforts to protect the sensitive habitats within the [...]

  • Harvey Weinstein

    Weinstein Can Get a Fair Trial in Manhattan, Says D.A.

    The Manhattan District Attorney’s office argued on Friday that Harvey Weinstein can get a fair trial in Manhattan, and blamed the producer’s defense team for much of the pre-trial publicity in the case. Weinstein’s attorneys have asked an appellate court to transfer the case — which is set to begin on Sept. 9 — to [...]

  • Leonardo DiCaprio Madonna

    Leonardo DiCaprio, Madonna Call for Action on Amazon Wildfires

    As wildfires rage at an alarming rate in Brazil’s Amazon rain forest, celebrities are using their platforms to bring awareness to the deforestation’s impact and to call for action. In the past week, stars like Leonardo DiCaprio, Madonna, Cara Delevingne and Ariana Grande have taken to Instagram to express their frustration with the lack of [...]

  • 'The Durrells' TV Show

    Greece Sweetens Production Incentives as Struggling Country's Economy Rebounds

    It’s taken the better part of a decade for Greece to show signs of recovery from the crippling crisis that almost pushed it out of the Eurozone. Now, with the economy slowly on the mend, the government is doubling down on efforts to jump-start the local film industry, giving a dramatic overhaul to the incentive [...]

  • Warner Music Group Partners With Audiomack

    Warner Music Group Partners With Audiomack

    Warner Music Group announced it has entered a partnership with the music streaming and discovery service Audiomack, marking the platform’s first licensing deal with a major label. According to the announcement, the two companies will work together on content concepts and explore ways to break emerging artists, connecting music fans with rising talent before they [...]

  • Scooter Braun Congratulates Taylor Swift on

    Scooter Braun Congratulates Taylor Swift on ‘Brilliant’ Album and Campaign

    Two days after Taylor Swift fired off the latest salvo in her battle with Scooter Braun, the manager congratulated the singer on the campaign around her “brilliant” new album, “Lover,” which arrived last night. The message came after Swift said she will be re-recording songs from her first six albums, which are now owned by [...]

  • David Koch Obit

    David Koch, Libertarian Activist and Billionaire Philanthropist, Dies at 79

    David Koch, brother of Charles Koch and one of the owners of Koch Industries, the second-largest private company in the U.S., has died at 79. According to the New York Times, Charles Koch announced the news of his brother’s death in a statement. Though he did not attribute to David’s death to a particular cause, [...]

More From Our Brands

Access exclusive content