Screentime
Disney Rises as Cost Cuts, Hollywood Strikes Save $3 Billion
- Content spending at $27 billion is below prior forecasts
- Capital spending projects are being rescheduled, CFO says
Walt Disney Co. rose more than 6% in extended trading after management of the world’s largest entertainment company said capital spending and outlays for movies and TV shows are coming in lower than projected.
Disney expects content spending this year to total about $27 billion, Kevin Lansberry, acting chief financial officer, said Wednesday on a call with investors after the Burbank, California-based company posted third-quarter results. Disney typically spends about $30 billion.