Disney’s Australian profits fall as Hollywood strikes slow local production
The media giant also signposted structural changes for ESPN’s Australian subsidiary, which has been folded into its Australian business.
Global entertainment and streaming behemoth The Walt Disney Company has recorded a 22% fall in its Australian profits, as the lasting impacts of the Hollywood strikes weigh on the company’s local accounts.
In fresh documents filed with the Australian Securities and Investments Commission (ASIC) on Wednesday, Disney reported a 22% fall in local group profits after tax to $47.2 million for the year to 30 September, down from $60.1 million a year earlier.
The company paid $19.3 million in tax and a $35 million dividend to its parent company.
Disney’s total revenue in Australia also fell, from $810.6 million to $742.5 million, weighed down by a release schedule that pushed major titles such as Inside Out 2 and Deadpool & Wolverine to the second half of the year, as well as the 2023 Hollywood strikes.
