West Side Story actor soon to take on iconic Disney role backs down after re-election response led to backlash
The West Side Story and Snow White actor Rachel Zegler has apologised after criticising Donald Trump and his supporters.
The 23-year-old, currently starring in Broadway’s re-imagined Romeo + Juliet, had posted a lengthy response to the re-election of Trump and the “four years of hatred” he would bring about in America.
Continue reading...The House of Mouse taps former Morgan Stanley CEO as its new board chair, who will lead search for Iger’s replacement
Walt Disney said it would announce another replacement for CEO Bob Iger in early 2026 and named a veteran of Morgan Stanley as board chair on Monday, for the first time announcing a timetable for succession at the storied media and entertainment company.
James Gorman will step down as executive chair of Morgan Stanley at the end of 2024 and take on the position at Disney in January. He had served as CEO of the Wall Street bank for 14 years and is credited with transforming it into a wealth management powerhouse.
Continue reading...New Jersey appeals court sides with ride-hailing company, saying arbitration provision in terms was ‘valid’
A New Jersey couple seriously injured when their Uber driver ran a red light and collided with another car has lost a bid to take legal action against the company in court.
John McGinty and Georgia McGinty argue Uber is enforcing an arbitration agreement after their daughter clicked “agree” when presented with updated terms and conditions while ordering food via her mom’s Uber Eats account.
Continue reading...Man says wife died of allergic reaction at Disney World but company claims streamer’s terms block him from filing suit
Attorneys for Disney World are seeking to dismiss a wrongful death lawsuit brought by a husband over the death of his wife last year because of the terms and conditions he agreed to when signing up for Disney+ streaming service several years earlier.
In February of this year, Jeffrey Piccolo filed a wrongful death suit against Disney on behalf of his wife, Dr Kanokporn Tangsuan, a medical doctor from New York who died last year. His lawsuit claims that her death was a result of suffering an allergic reaction while dining at a resort restaurant in Disney Springs at the Walt Disney World Resort in Florida.
Continue reading...Film’s opening is eighth biggest ever in win for Marvel as Robert Downey Jr announces return to studio as Dr Doom
Marvel is back on top with Deadpool & Wolverine. The comic-book movie made a staggering $205m in its first weekend in North American theaters, according to studio estimates Sunday. It shattered the opening record for R-rated films previously held by the first Deadpool ($132m) and notched a spot in the top 10 openings of all time.
Including international showings, where it’s racked up an additional $233.3m from 52 markets, Deadpool & Wolverine is looking at a global opening of more than $438.3m.
Continue reading...Largest US strike so far this year could take place if negotiations, including over wages, fail next week
Members of four unions representing 14,000 workers at the Disneyland in Anaheim, California, have voted to authorize a strike amid contract negotiations.
The vote does not mean the workers will go on strike yet, but that the unions can call a strike at any point. If a strike takes place, it will be the largest strike so far in 2024.
Continue reading...Many locations – from Frankston to Fishermans Bend – have been proposed as sites for the famous theme park. But will the dream ever become reality?
In what has become a recurring theme in many Disney films, Jiminy Cricket sang “When you wish upon a star, your dreams come true” in the 1940 film of Pinocchio.
Pinocchio wishes to be a real boy, Peter Pan wishes to never grow up, Ariel, the Little Mermaid, wishes to become human. And – in what can also be described as a fairytale desire – Melbourne, Australia, wishes to host the next Disney theme park.
Continue reading...CEO Bob Iger says defeat of Nelson Peltz campaign will allow company to focus on ‘growth and value creation’ for shareholders
Disney saw off a boardroom coup on Wednesday, defeating a bid by one of corporate America’s most renowned activist investors to overhaul its management.
The entertainment giant announced at its annual shareholder meeting that it had secured enough votes by a “substantial margin” to defeat a campaign launched by the billionaire Nelson Peltz, who has spent months demanding change at the Magic Kingdom and excoriating its top executives.
Continue reading...Live, rolling coverage of business, economics and financial markets as UK postal service says it wants to cut 1,000 jobs and cut delivery days
The question on economists’ lips after the surprise easing of eurozone inflation is: will the European Central Bank (ECB) cut interest rates as early as this month?
The ECB’s rate-setting governing council, led by president Christine Lagarde, meets next week. Economists expect the council to cut rates in June, but surprising data and some doveish comments from some members of the council appear to have put an April cut into play.
While at first sight this looks like it opens up a possible rate cut in April, the ECB is unlikely to act this month. More data on wage growth will come in May, and the ECB needs to be certain of its path. In President Lagarde’s own words: “we will know a little more in April, but we will know a lot more in June”.
Christine Lagarde’s previous indication that the ECB may not commit outright to a path of rate cuts suggests a cautious approach, but the consensus among economists leans towards a potential cut as early as June, pending further data on wage growth trends.
The challenge here for the ECB is that reaching the last mile target inflation rate of 2% may prove more arduous than anticipated, with incremental decreases seen as most likely.
Will the labour market tighten further now that GDP growth looks to be rebounding? We doubt it and, in fact, suspect the unemployment rate will edge up over the coming months.
A still-low unemployment rate doesn’t necessarily mean wage growth will remain at today’s highs, so it need not worry the ECB nor prevent it from starting its easing cycle. We think wage growth will come down, in line with the fall in inflation in recent months as workers’ negotiating power diminishes. A recovery in productivity would support wage growth even as inflation eases. We think productivity growth is now improving, but slowly does it.
Continue reading...Theme park generates $343.4m in profit for Hollywood giant as it shores up wider business amid weaker box office returns
Disney’s Parisian theme park complex has delivered a welcome boost to the embattled Hollywood giant, generating $343.4m (€317m) in profits and royalties despite a wave of strikes last summer.
Sales at Disneyland Paris – Europe’s most-visited tourist destination – were driven to record levels by higher room rates and the opening of a site built around Marvel’s hit Avengers movies.
Continue reading...Tourism oversight board members approve agreement, ending nearly two years of litigation after DeSantis’s takeover
Allies of the Florida governor, Ron DeSantis, and Disney reached a settlement agreement on Wednesday in a lawsuit over who controls Walt Disney World’s governing district.
In a meeting, the members of the board of the Central Florida Tourism Oversight District approved the settlement agreement, ending almost two years of litigation that was sparked by DeSantis’s takeover of the district from Disney supporters following the company’s opposition to Florida’s so-called “don’t say gay” law.
Continue reading...Poor box office performance reflects broader challenge for Hollywood as it vies with domestic productions
The poor performance of Disney’s The Little Mermaid at the Chinese box office has reopened questions on Hollywood’s increasing difficulties in the world’s second-largest economy and the role racism has played in the film’s reception.
The live action remake has grossed just $3.6m (£2.9m) since its release in Chinese cinemas on 26 May, according to Box Office Mojo.
Continue reading...Director and producer of Toy Story spinoff lose roles after $200m production brought in just $226.7m in global ticket sales
Walt Disney’s Pixar Animation Studios has eliminated 75 positions including those of two executives behind the box office disappointment Lightyear, sources said on Saturday, the first significant job cuts at the studio in a decade.
The cuts included Lightyear director Angus MacLane, a 26-year Pixar veteran who was part of the senior creative team on such acclaimed films as Toy Story 4 and Coco. Galyn Susman, producer of Lightyear, also departed. Susman had been at Pixar since the release of the original Toy Story movie in 1995.
Continue reading...The live-action remake brought in nearly $100m over the Memorial Day weekend, knocking Fast X out of the top spot
The Little Mermaid live-action remake of Disney’s 1989 animated classic made a splash at the box office on Memorial Day weekend, bringing in almost $100m in North America, according to studio estimates released on Sunday.
The film starring Halle Bailey, winning praise from critics as the titular mermaid Ariel, and Melissa McCarthy as her sea witch nemesis, Ursula, ranks as the fifth biggest Memorial Day weekend opening on record.
Continue reading...Company has clashed with governor over anti-LGBTQ+ legislation, prompting state to strip its self-governing power
Disney has scrapped plans to build a near $1bn (£804m) corporate campus for 2,000 employees in Florida, amid an increasingly bitter political and legal battle with the state’s governor, Ron DeSantis, over the future of the entertainment giant’s theme parks.
Walt Disney, which has also announced the closure of its $2,500-a-night “Star Wars” Galactic Starcruiser Hotel in Orlando, said it would no longer relocate California-based employees including theme park ride designers to the new campus about 18 miles (30km) east of Walt Disney World.
Continue reading...Lost cricket rights prompts outflow but streaming service almost halves losses while theme parks boom
Disney, known for Pixar, Star Wars and Marvel movies, said its flagship streaming service lost 4 million subscribers in the first three months of the year.
Subscribers to Disney+ services, home to movies such as Toy Story, Monsters, Thor and Black Panther, fell to nearly 158m from January to March, the second quarter of customer losses after a 2.4 million drop in the previous three months. Analysts had expected Disney to add more than 1 million customers in the quarter. The shares fell nearly 5% in after-hours trading.
Continue reading...Spectacular conflagration prompts evacuation of Tom Sawyer Island at California resort but no injuries reported
A 45ft-tall Disneyland dragon caught fire late on Saturday during a show in Anaheim, California, causing those in attendance to flee, local media and officials said. No injuries or deaths were reported.
“The dragon’s head started to glow, and I see fire and kind of smoke coming out,” Elaine Gilmer, who was at the event, told ABC News.
Continue reading...After being humiliated by its outgoing board, the Florida governor has hit upon another idea to punish the company
Ron DeSantis has unveiled the latest act of retaliation against Disney for speaking out against his “don’t say gay” law: he’s threatening to build a new state prison next to the company’s central Florida theme parks.
The Republican governor dropped the suggestion at a hastily convened Monday lunchtime press conference, at which he laid out steps the state legislature would take to try to regain control over Florida’s largest private employer.
Continue reading...CEO’s comments are latest round in bitter feud between governor and state’s largest corporate employer over ‘don’t say gay’ law
Disney’s chief executive, Bob Iger, has lambasted the Florida governor, Ron DeSantis, as “anti-business and anti-Florida” in the latest round of a bitter public battle between the Sunshine state’s most powerful corporation and its top elected official.
DeSantis and his Republican allies in the state legislature have targeted Walt Disney World, the Orlando-area entertainment resort that employs 75,000 people, since the company spoke out against the controversial Florida “don’t say gay” law curtailing classroom discussion of gender identity and sexuality amid mounting pressure from its employees to take a stand.
Continue reading...Move comes after Florida governor lashed out at theme park’s protest of law restricting sexual orientation discussion in schools
The Republican governor of Florida, Ron DeSantis, has signed a bill that wrests control of Walt Disney World’s self-governing district, in a move seen as punishing the company for its opposition to his so-called “don’t say gay” law.
“Today the corporate kingdom finally comes to an end,” he said at the bill signing in Lake Buena Vista in his trademark bullish style. “There’s a new sheriff in town, and accountability will be the order of the day.”
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