The Walt Disney Company’s stock continues to plummet, hitting a new low of $80.53. While it has gone back up to $81.51 at the time of this article, they are teetering at a stock price below $80. The drop seemingly came after two events with Disney. First, it was announced that Disney hired Ex-Biden Adviser Remi Yamamoto as the new VP of Media Relations. Then, Disney shut off ESPN, and other Disney-owned channels, on Spectrum customers last night.
While it might be completely coincidental, the two events do seem to coincide with the drop. Especially the Spectrum shutdown, which I think was the main cause. Apparently, they did it in the middle of sporting events customers were watching.
Right now might not be the best time for the Walt Disney Company to try and squeeze more money out of their carriers and customers. Disney is already facing a huge PR crisis with their movies underperforming at the box office, looming Disney+ price hikes, lower theme park and resort hotel attendance, lawsuits, oversaturation of Marvel and Star Wars, the Hollywood strikes, the company being called “woke” and allegedly chasing off families, etc.
Disney can not afford more stock losses. Their stock hasn’t been below $80 a share since 2014. Now might not be a good time to make some of the decisions they are making.
Of course, it is possible that neither event from yesterday had a stock impact, but it’s unlikely. If they can reach a deal with Spectrum, it could push the stock back up, especially if they are successful in leveraging their price hits, which they claim are based on rates decided by the “market.” Not sure where their content is worth a price increase but that’s what they claim.
Disney and CEO Bob Iger need to do something quickly. They have one month left in the quarter and in the entire 2022-2023 fiscal year to figure it out.
What do you think? Comment and let us know!
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