×
You will be redirected back to your article in seconds

Disney Seeks Full Ownership of Disneyland Paris

Disney is looking to buy out the remaining shares in Disneyland Paris, the theme park that has struggled with attendance since the November 2015 terrorist attacks in Paris.

Disney disclosed on Friday that it is poised to raise its ownership stake in the Euro Disney parent company to 85.7% after cutting a deal to buy the interest held by another Euro Disney investor, Kingdom Holding Co. Disney said it intends to launch a tender offer to scoop up the remaining shares that it does not own in order to take full control of its European theme park.

Disney has also pledged to invest as much as $1.6 billion in Disneyland Paris to improve financial conditions that have been “significantly and negatively impacted by the November 2015 events in Paris and the challenging business conditions that continued through 2016 in France and throughout Europe,” the company said.

Disneyland Paris had been hoping for an attendance boost tied to its 25th anniversary promotional events this year. The Euro Disney investors poured money into the park in 2014 to refurbish hotels and other facilities in time for the 25th anniversary push. But the dark cloud of the coordinated attacks in and around Paris that left at least 130 people has put a damper on attendance at the park.

“Today’s announcement reflects The Walt Disney Company’s continued confidence in Disneyland Paris and in France, and will enable Euro Disney to continue improving and investing in the Resort,” Disney said in a statement.

Disney’s cash tender offer for Euro Disney’s outstanding shares is valued at about $2.12 a share, which marks a 67% premium over the trading price on the Euronext Paris Stock Exchange as of Feb. 9. Disney hopes to complete the buyout and have Euro Disney shares delisted by June.

More Biz

  • Craig Hunegs WB

    Craig Hunegs to Exit Warner Bros. TV Group and Digital Networks (EXCLUSIVE)

    After nearly 25 years in the Warner Bros. family, Craig Hunegs is exiting his post as head of business for Warner Bros. TV Group and president of the studio’s digital networks wing. Hunegs said he has been discussing his exit with Warner Bros. chairman-CEO Kevin Tsujihara for the past several months. At a time of [...]

  • 'Walking Dead' Profits Dispute Heading to

    'Walking Dead' Profits Dispute Heading to Trial

    The long-running legal battle between Frank Darabont and AMC over profits from “The Walking Dead” will run a bit longer, as a judge ruled Monday that the case must go to trial. Darabont and CAA sued the network back in 2013, arguing he was deprived of $280 million in profit participation because AMC did not [...]

  • Steven Wilson Ron Hofmann Hayley Antonian

    PR Vets Steven Wilson, Ron Hofmann, Hayley Antonian Leave BWR to Form New Agency

    BWR’s Steven Wilson, Ron Hofmann, and Hayley Antonian have announced the formation of a new communications company, Scenario, headquartered in Los Angeles and New York. Together, Wilson, Hofmann, and Antonian will serve as co-presidents while providing integrated communication strategies for clients across the entertainment, lifestyle, and technology industries. Entrepreneur and business strategist Brian Lee will work alongside [...]

  • NEW YORK, NY - SEPTEMBER 06:

    Endeavor Promotes Mark Shapiro to President

    After four years overseeing content operations at IMG, Mark Shapiro has been promoted to president of Endeavor. Shapiro’s elevation to the newly created post comes as Endeavor has expanded dramatically during the past few years, starting with its acquisition of IMG in 2014. Endeavor is now the parent company of WME, IMG, UFC and other [...]

  • Rhapsody, Sony Music to Launch Spotify

    Rhapsody, Sony Music to Launch Spotify Competitor in Japan

    Rhapsody and Sony Music Entertainment today announced a partnership to launch what they describe as the first on-demand, high-resolution streaming music service in Japan. Rhapsody International is providing its “Powered by Napster” platform including a set of systems, tools and APIs to allow SMEJ to quickly launch and bring its on-demand service to market. The service, [...]

  • China's Alibaba to Take Majority Control

    Alibaba to Take Majority Control of Alibaba Pictures

    Chinese e-commerce giant Alibaba is to take majority control of its films unit Alibaba Pictures. The $160 million (HK$1.25 billion) deal was announced Monday. The companies said that Alibaba would increase its stake in Hong Kong- and Singapore-listed Alibaba Pictures through a share subscription. It will lift the parent company’s stake from 49% to 51%, [...]

  • Guy Moot

    Is Sony/ATV’s Guy Moot Headed for Top Job at Warner/Chappell?

    Ever since Jon Platt announced in September that he will be stepping down from his post at the helm of Warner/Chappell Publishing to take the top job at Sony/ATV when Martin Bandier’s contract is up at the end of March, speculation has been rife about who will take over for him. One name has been [...]

More From Our Brands

Access exclusive content