Disney Has Billions Of Reasons To Be Mad At California’s Governor. Mickey’s Boss Goes Off On Earnings Call Thursday!

California Gov. Gavin Newsom speaks to reporters after voting under COVID-19 protocols at Golden 1 Center in Sacramento, Calif., Thursday, Oct. 29, 2020. (Renée C. Byer/The Sacramento Bee via AP, Pool)

Disney had its earnings call on Thursday, and the state of California, and more specifically Governor Gavin Newsom, were hammered by CEO Bob Chapek for their reluctance to allow Disneyland to reopen. Chapek reiterated yet again on the call that the company’s reopening plans are “science-based,” and that the decision by the governor to refuse to allow Disneyland to reopen, as well as other major amusement parks like Universal Studios, Legoland, Six Flags and Knott’s Berry Farm, is not only damaging those businesses tremendously, but Newsom’s decisions are essentially completely killing off small business in the local community, particularly in and around Anaheim.

Not all the news was bad regarding Disney earnings, as the company reported more than 73 million paid subscribers to its Disney+ streaming service, which allowed the company to exceed expectations on revenue and showed Wall Street less drastic losses than expected.

Shares rose as much as 6% in after-hours trading and more than 3% during the call.

Now back to the horrible news for Disney, courtesy of Newsom and the state of California: They estimated that the net adverse impact of COVID-19 on the operating income of the company’s parks, experiences and products division pushed $2.4 billion in the fourth quarter.

So, all in all, it’s not the Happiest Place on Earth right now.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please hover over that comment, click the ∨ icon, and mark it as spam. Thank you for partnering with us to maintain fruitful conversation.