Former Disney executive Lee Cockerell on reopening theme parks


God Babys

5 years ago

  • Former Disney executive Lee Cockerell joins "Squawk Alley" to discuss how the company might keep guests safe as it plans to reopen parks.
    Last year, Disney’s Parks, Experiences and Consumer Products segment was its fastest-growing profit driver. Now, it could be the company’s biggest drag on earnings, thanks to the Covid-19 outbreak.
    The coronavirus pandemic has caused many headaches for Disney. The company has faced movie theater closures, film and TV production shutdowns, docked cruise ships and the suspension of most live sporting events.
    However, its theme parks are expected to take the biggest hit.
    On Tuesday afternoon, Disney is set to tell investors how the company fared during the first three months of the year, its fiscal second-quarter. However, the true scale of the outbreak’s impact on Disney won’t be clear until late summer.
    The coronavirus pandemic has crippled the theme park industry, causing amusement parks around the globe to shutter in order to stem the rate of infection.
    Disney’s parks are part of a larger segment that includes experiences — cruises, resorts and guided tours — and consumer products that range from T-shirts to kitchenwares.
    Last year, this segment accounted for 37% of the company’s $69.6 billion in total revenue.
    The success of the Parks, Experiences and Consumer Products arm of the company is likely part of the reason that its head Bob Chapek was tapped to take the role of CEO from long-time Disney leader Bob Iger.
    Disney declined CNBC’s request for comment on this story.
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    Category : Kids Channel

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