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Old 21.04.2020, 13:06
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Disney stops paying its staff...

I reading this makes me want to start a facebook group to boycott Disney, they complained they're losing 500m a week, yeah sure. Do you know much money they made in 2019. Let me share it with you.

11.05 billion U.S. dollars, so that is what...11,500,000,000 ... and they're losing what 500,000,000 a week. So let's do the math.. it'll take 23 weeks they spend all their profit or almost six months.

And they been out-of-pocket for how long ... ok different times in different places, in Hong Kong their park has they been down for many months, but in the US... not so long.

Who is benefits from this cut-back, the shareholders? Who are all desperately poor and cannot afford to lose the money. At the very least they could pay them something, look at a minimum salary for all staff, excluding those exec's who earn a stupid amount of money every month anyway; They are the only ones who should get nothing.
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Old 21.04.2020, 13:14
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Re: Disney stops paying it staff...

11B is net earnings not profit.

They have 7B cash on hand and with that they will be bankrupt in 3 months, probably even less. And that's Disney, imagine all the rest?
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Old 21.04.2020, 13:16
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Re: Disney stops paying it staff...

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I reading this makes me want to start a facebook group to boycott Disney, they complained they're losing 500m a week, yeah sure. Do you know much money they made in 2019. Let me share it with you.

11.05 billion U.S. dollars, so that is what...11,500,000,000 ... and they're losing what 500,000,000 a week. So let's do the math.. it'll take 23 weeks they spend all their profit or almost six months.

And they been out-of-pocket for how long ... ok different times in different places, in Hong Kong their park has they been down for many months, but in the US... not so long.

Who is benefits from this cut-back, the shareholders? Who are all desperately poor and cannot afford to lose the money. At the very least they could pay them something, look at a minimum salary for all staff, excluding those exec's who earn a stupid amount of money every month anyway; They are the only ones who should get nothing.
You really don't understand Business or the Film Business in particular, most of those staff will be project based, it's how the industry works. Profits depend on successful films, you never know if a film will be successful until it's opening weekend. The Studio could easily go bankrupt.
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Old 21.04.2020, 13:34
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Re: Disney stops paying it staff...

Company fires people for whom they have no work and that is bad..

o.k.
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Old 21.04.2020, 13:45
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Re: Disney stops paying it staff...

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I reading this makes me want to start a facebook group to boycott Disney, they complained they're losing 500m a week, yeah sure. Do you know much money they made in 2019. Let me share it with you.

11.05 billion U.S. dollars, so that is what...11,500,000,000 ... and they're losing what 500,000,000 a week. So let's do the math.. it'll take 23 weeks they spend all their profit or almost six months.

And they been out-of-pocket for how long ... ok different times in different places, in Hong Kong their park has they been down for many months, but in the US... not so long.

Who is benefits from this cut-back, the shareholders? Who are all desperately poor and cannot afford to lose the money. At the very least they could pay them something, look at a minimum salary for all staff, excluding those exec's who earn a stupid amount of money every month anyway; They are the only ones who should get nothing.
Are you a child? Because this analysis from an adult is shocking.

Why don't you create your own business and pay everyone when your revenues collapse to prove them wrong? Seriously, some people are so entitled it's unbelievable.
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Old 21.04.2020, 14:13
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Re: Disney stops paying it staff...

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I reading this makes me want to start a facebook group to boycott Disney, they complained they're losing 500m a week, yeah sure. Do you know much money they made in 2019. Let me share it with you.

11.05 billion U.S. dollars, so that is what...11,500,000,000 ... and they're losing what 500,000,000 a week. So let's do the math.. it'll take 23 weeks they spend all their profit or almost six months.

And they been out-of-pocket for how long ... ok different times in different places, in Hong Kong their park has they been down for many months, but in the US... not so long.

Who is benefits from this cut-back, the shareholders? Who are all desperately poor and cannot afford to lose the money. At the very least they could pay them something, look at a minimum salary for all staff, excluding those exec's who earn a stupid amount of money every month anyway; They are the only ones who should get nothing.

You do understand that Disney is a company listed on the NYSE not a private company with family ownership right? You do understand shareholders of a listed company?

Disney has 3 separate operating segments including the theme parks which are closed until further notice and there is the strong possibility that those theme parks will not reopen again this year. Are you able to imagine the damage to their cashflows or not? Are you really that naive to believe that a company can continue to pay large numbers of staff who are not working for up to 9 months!

When they closed the parks last month Disney announced then that they would only continue to pay staff until April 19th. Florida is also a hire and fire at will state. That means there is no employee protection and they can be fired at any time without a reason. In other words Disney World could have fired all their staff a month ago rather than continuing to pay them.
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Old 21.04.2020, 14:19
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Re: Disney stops paying it staff...

I guess the mathematics of it are not so relevant. They are positioning themselves, like everyone else, for share in the bail out.
What better hostage could there be than a pillar of America's great cultural heritage: Disney
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Old 21.04.2020, 14:19
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Re: Disney stops paying it staff...

Pretty sad to hear. I can only imagine how hard it is for a Mouse that age to get another job elsewhere. Maybe Mickey and his cronies can apply for Kurzarbeit.
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Old 21.04.2020, 14:25
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Re: Disney stops paying it staff...

Uhm how is that surprising? So people are losing their jobs and income and there is pretty much no protection in the US whatsoever?

Yeah, who could’ve seen that coming.
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Old 21.04.2020, 15:02
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Re: Disney stops paying its staff...

Disney is furloughing its staff. Not firing them. They will continue to pay for their benefits, such as health insurance (a big deal in USA).
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Old 21.04.2020, 15:15
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Re: Disney stops paying its staff...

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Disney is furloughing its staff. Not firing them. They will continue to pay for their benefits, such as health insurance (a big deal in USA).
Indeed. People trying to make a mountain out of a molehill as usual.

https://www.bbc.com/news/business-52349729
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Old 21.04.2020, 15:21
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Re: Disney stops paying its staff...

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Indeed. People trying to make a mountain out of a molehill as usual.

https://www.bbc.com/news/business-52349729

Yep indeed. Thanks for the link and full health care benefits is a huge deal in USA. Noticed it also said Bob Igor giving up his entire salary, which was OP's other gripe!
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Old 21.04.2020, 15:49
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Re: Disney stops paying its staff...

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I reading this makes me want to start a facebook group to boycott Disney, they complained they're losing 500m a week, yeah sure. Do you know much money they made in 2019. Let me share it with you.

11.05 billion U.S. dollars, so that is what...11,500,000,000 ... and they're losing what 500,000,000 a week. So let's do the math.. it'll take 23 weeks they spend all their profit or almost six months.

And they been out-of-pocket for how long ... ok different times in different places, in Hong Kong their park has they been down for many months, but in the US... not so long.

Who is benefiting from this cut-back, the shareholders? Who are all desperately poor and cannot afford to lose the money. At the very least they could pay them something, look at a minimum salary for all staff, excluding those exec's who earn a stupid amount of money every month anyway; They are the only ones who should get nothing.
Greed at play here! In normal circumstances, if the business is declining reduction in staff or working hours is indeed worth looking at. However, the US govt lately announced the biggest stimulus package of ~2T [T ] design for large and small businesses to retain employees during this period.

Of course, it will not fully offset any of the losses but if the government has extended a helping hand to the businesses, they ought to do the same to their employees.

Amazing how these capitalistic goons come begging for help when drowning under and turn a blind eye to their own people in times of need.
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Old 21.04.2020, 16:05
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Re: Disney stops paying its staff...

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Greed at play here! In normal circumstances, if the business is declining reduction in staff or working hours is indeed worth looking at. However, the US govt lately announced the biggest stimulus package of ~2T [T ] design for large and small businesses to retain employees during this period.

Of course, it will not fully offset any of the losses but if the government has extended a helping hand to the businesses, they ought to do the same to their employees.

Amazing how these capitalistic goons come begging for help when drowning under and turn a blind eye to their own people in times of need.
So what bit of furloughing their employees so they could claim goverment help too and the fact they're continuing to provide full health cover did you miss.
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Old 21.04.2020, 17:52
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Re: Disney stops paying its staff...

Disney is not the only one in trouble, AMC Cinemas is on the brink of bankruptcy , having 4.9 billion debt.

https://www.vanityfair.com/hollywood...ruptcy-reports

In the US 22Million people have lost their job in the last 5 weeks, that will be 15 % unemployment rate.

The big Airlines want a 50 Billion bailout from Trump
https://edition.cnn.com/2020/03/27/b...rus/index.html

but that will not be enough.

The economy is an a serious crisis.....

Germany will spent 750 Billion to keep the economy back up again.
Who will pay for this ??
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Old 21.04.2020, 17:56
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Re: Disney stops paying its staff...

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You really don't understand Business or the Film Business in particular, most of those staff will be project based, it's how the industry works. Profits depend on successful films, you never know if a film will be successful until it's opening weekend. The Studio could easily go bankrupt.
For the film industry, I seem to recall Hollywood as a whole makes about 5% return.
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Old 21.04.2020, 17:56
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Re: Disney stops paying its staff...

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Who will pay for this ??
Somebody on EF said "we can always print money"
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Old 21.04.2020, 17:57
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Re: Disney stops paying its staff...

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Germany will spent 750 Billion to keep the economy back up again.
Who will pay for this ??
The Millennials' grandchildren. Who else?
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Old 21.04.2020, 18:07
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Re: Disney stops paying its staff...

They sound like a right Mickey Mouse organisation.
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Old 21.04.2020, 18:33
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Re: Disney stops paying its staff...

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For the film industry, I seem to recall Hollywood as a whole makes about 5% return.
Thats about 1/3 of the average S&P 500 company, which is appalling from an investment point of view, Average Fundsmith company makes about 5.5 times as much as the film industry average return.
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