The Walt Disney Company (NYSE:DIS) plans to double its investment in its parks division to about $60 billion over ten years, according to a securities filing Tuesday.
The parks, namely Walt Disney World, have faced declining attendance and hotel room occupancies.
Over the next decade, the entertainment giant is trying to recapture the magic at its theme parks, particularly as its media segments are impacted by streaming television struggles and the ongoing writers’ and actors’ strikes.
In fact, Disney is reportedly in preliminary talks about potentially selling its US TV network ABC to Nexstar Media Group Inc, according to Bloomberg, citing confidential sources.
More details about the $60 billion investment are expected to be revealed at Disney’s investor day on Tuesday
“Today, as Disney considers future growth opportunities, there is a deep well of stories that have yet to be fully explored in its theme parks,” the company said in a statement.
Shares of Disney slid more than 3% Tuesday afternoon to $82.18.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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