The Walt Disney Company
Disney Announces New Share Repurchase Program and First Quarter Earnings
Summary
The Walt Disney Company reported its first quarter earnings for fiscal 2024 on February 7, 2024. Diluted EPS increased to $1.04 from $0.70 in the prior-year quarter, and the company announced a new share repurchase program of up to 400 million shares effective the same day. The company also declared a cash dividend of $0.45 per share, payable on July 25, 2024. The Board of Directors also approved a $3 billion target for repurchases in fiscal 2024. Disney achieved significant cost reductions and expects to reach profitability in its combined streaming businesses by the fourth quarter of fiscal 2024.
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About The Walt Disney Company
The Walt Disney Company, commonly known as Disney, is a highly influential media and entertainment conglomerate headquartered in Burbank, California. Renowned for its broad portfolio, Disney's primary function is delivering world-class entertainment and media experiences through its diverse segments. These include Media Networks like ABC and ESPN, Parks, Experiences and Products such as Disneyland and Walt Disney World resorts, and Studio Entertainment responsible for creating beloved films under iconic banners like Disney, Pixar, Marvel, and Lucasfilm. Additionally, the company has expanded its digital presence with its streaming service, Disney+, capturing audiences worldwide with a mix of classic and original content. Disney plays a pivotal role in shaping global pop culture and entertainment, leveraging its vast intellectual property library for films, merchandise, and theme park attractions. Its strategic acquisitions, like those of 21st Century Fox and Marvel Studios, have fortified Disney's position in the market, enhancing its storytelling potential and cross-platform synergies. As a bellwether in the entertainment industry, Disney's actions and innovations are closely watched, impacting sectors such as film production, broadcast media, and leisure travel.
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