Disney, reeling from the coronavirus, seeks $6 billion in debt offering
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The debt offering comes just one year after Disney completed the $71-billion purchase of much of Rupert Murdoch’s 21st Century Fox. Disney Executive Chairman Bob Iger viewed the Fox takeover as a way to fortify his company for the streaming age, and the purchase greatly expanded Disney’s profile and its pipeline of movies and TV shows.
Movie theater closures have erased another big source of revenue for the company because Walt Disney Studios relies heavily on its box office blockbusters. Disney had been banking on the release of the live action “Mulan” in late March, but now that won’t happen. Meanwhile, its longtime profit engine, ESPN,after the mass cancellations of live sports. Analysts say ESPN could lose 80% of its advertising revenue.
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