Fairy tales are all lies, and Snow White is going to lose her job...

Recently，188bet best bookmaker was revealed to stop paying the salaries of 100,000 employees starting this week，To save money。It is reported，This accounts for nearly half of 188bet best bookmaker’s total employees，188bet best bookmaker will save up to 0 million per month (approximately RMB 3.5 billion)。

And before，Under the epidemic，188bet best bookmaker has experienced major pay cuts for senior executives、The park is fully closed、Movie withdrawn、Going on debt、Waiting for the darkest moment when the stock price plummets...

After the news came out，188bet best bookmaker stock price continues to fall 4% tonight，The market value directly evaporated by more than 50 billion yuan。

188bet best bookmaker will stop paying wages to 100,000 employees starting this week

Let employees receive unemployment benefits

According to the Financial Times report，Due to the impact of the new coronavirus epidemic，The Walt 188bet best bookmaker Company will stop paying salaries to more than 100,000 employees starting this week。This move can save 188bet best bookmaker nearly 0 million (approximately RMB 3.5 billion) in monthly expenses，To alleviate the economic pressure since the epidemic。

More than a month ago，Under the influence of the epidemic，For the first time in 188bet best bookmaker’s history, all six of its parks were closed at the same time。

To cope with the huge economic losses caused by the closure of the park，The Walt 188bet best bookmaker Company announced that it will take "salary suspension" measures starting this week，The number of employees involved will reach more than 100,000。

It is reported，Entire Disneyland、The experience and product department has about 17.70,000 actors，This includes people who work at its theme parks and retail locations like 188bet best bookmaker stores。100,000 people is nearly half of its total employees。

According to the Financial Times report，Stop paying nearly half of its employees will save 188bet best bookmaker up to 0 million per month (approximately RMB 3.5 billion)。

After the news comes out，Netizens expressed: Fairy tales are indeed all lies...

But it’s not like 188bet best bookmaker can’t afford its employees。Rich Greenfield, an analyst at American securities company BTIG, said: "(Even if employees are not furloughed) they can afford it"。

But he thinks，The reason why 188bet best bookmaker took the "suspension of wages" may be that it is preparing for a "very long closure"。

As reported by The Times，188bet best bookmaker employees will have to rely on state support，Because the company will retain its executive bonus plan and .5 billion in dividend payments due in July。

Also，188bet best bookmaker is also asking its employees to apply for an additional 0 per week in federal weekly unemployment insurance benefits。

However，188bet best bookmaker said，The company will provide full health care benefits to employees on unpaid leave。

In comparison，Some large multinational companies，Including L'Oreal (L'Oréal) and France’s Total，Vow to give up state aid，To show solidarity with taxpayers。

43,000 employees have been laid off previously

188bet best bookmaker has previously announced that it will lay off employees starting from April 19。

According to the Orlando Sentinel， April 12，188bet best bookmaker World Resort in Orlando will let 4.30,000 union employees temporarily furloughed，its theme parks remain closed，Because authorities restrict large gatherings，To curb the spread of the new coronavirus。

188bet best bookmaker confirms a deal，Maintaining health insurance and other benefits while on leave，This move will take effect from April 19th。

A 188bet best bookmaker spokesperson said in a statement: "188bet best bookmaker has reached agreements with several unions for hourly paid employees，These employees will maintain their health insurance benefits during the temporary furlough effective April 19、Educational Support and Other Employee Assistance Programs。”

While the park is closed，Fewer than 200 employees will continue to work。

A few weeks earlier，188bet best bookmaker has announced plans to temporarily lay off some non-union employees at its U.S. theme parks，And stop charging fees for their annual park passes。

The stock price continued to fall by more than 4%, and the market value evaporated by 55.4 188bet best bookmaker

It has fallen by nearly 1/3 this year

US stocks open tonight，As of press time，188bet best bookmaker stock price continues to fall by more than 4%，188bet best bookmaker’s latest stock price is 102. per share，Market value is US4.6 billion，Evaporated US.7 billion (approximately RMB 54.4 billion)。

Longer the time and look at it，188bet best bookmaker stock price has plummeted since February，Dropped by more than 1/3。

The market value has evaporated by nearly 80 188bet best bookmaker US dollars this year (over 550 188bet best bookmaker yuan)。

188bet best bookmaker with an average of 52 million visitors per year

The six major parks have been closed for nearly 5 weeks

As the world’s largest entertainment group，The Walt 188bet best bookmaker Company in the United States、Operates multiple theme parks and hotels in Europe and Asia。However, affected by the new coronavirus epidemic，These theme parks and hotels have been closed for nearly five weeks。

Data display，Disneyland attracts an average of more than 52 million visitors annually，is the most visited resort in the world。

However，Due to the epidemic spreading around the world，188bet best bookmaker has closed its two 188bet best bookmaker parks in Shanghai and Hong Kong since January 25 and 26 respectively，Tokyo 188bet best bookmaker subsequently closed down at the end of February，March 12，Disneyland in California, USA announces closure，March 16，Disneyland in Florida and Disneyland Paris in the United States are also closed。

This is 188bet best bookmaker with a history of 96 years，For the first time in history, all six of its parks were closed at the same time。At the same time，188bet best bookmaker closes all hotels，188bet best bookmaker cruise operations will also be suspended throughout March。

March 28，188bet best bookmaker announces 188bet best bookmaker-owned parks、Hotel operating hours to be determined。But customers can currently book trips on June 1 and after。

The park accounts for nearly 40% of revenue

The United States lost 350 million in one day through customs clearance

Parks and resorts are 188bet best bookmaker’s main source of revenue: 188bet best bookmaker in its fiscal 2019 annual report，The parks and resorts segment generated more than billion in sales，37% of the company’s total revenue。

At the February financial report meeting，188bet best bookmaker CFO Christine McCarthy once said，The Lunar New Year is the busiest season for Hong Kong and Shanghai parks，But it will be closed due to the epidemic，Based on the two 188bet best bookmaker parks being closed for two months due to the epidemic，The estimated financial impact forecast for this quarter is 1.USD 7.5 billion，The loss of Shanghai Park is 1.US.5 billion，The Hong Kong park’s loss was US million

If the epidemic causes the 188bet best bookmaker parks in Shanghai and Hong Kong to close for two months，The loss will be up to 2.800 million operating profit，Shanghai 188bet best bookmaker lost 1.3.5 billion，Hong Kong Disneyland loss 1.4.5 billion。

But I never expected it，The losses in Shanghai and Hong Kong are just the beginning，With the spread of the epidemic，United States、Japan、France 188bet best bookmaker has closed one after another。 Refer to the 2017 hurricane shutdown of Disneyland in Florida for two days, causing a loss of US0 million，That is, a loss of 50 million US dollars for every day of suspension。(ie 3.500 million yuan)

From March 9th，Some facilities in Shanghai Disneyland have reopened，Includes Disneytown、Wish Star Park、Shanghai Disneyland Hotel, etc.。

Movie withdrawn and postponed

On the other hand，The much-watched "Mulan"、《Black Widow》、"X-Men: Mutants" have successively canceled their original release plans，The schedule has been postponed and a new timing has not been determined。

Pixar animation "Onward" has a great impact on the US box office，Early release on digital platforms。

These movies were all made by 188bet best bookmaker with huge investment。For example, the budget of "Mulan" is US0 million。

Film and television projects currently being filmed and in preparation，All stopped because of the epidemic。Including Marvel Studios’ “Shang-Chi” and “The Legend of the Ten Finger” filmed in Australia, as well as the live-action version of The Little Mermaid, etc.。

According to "Hollywood Reporter" prediction on March 13，Global box office loss of at least 7 188bet best bookmaker US dollars。

Also，188bet best bookmaker’s sports channel ESPN has 85 million subscribers，Due to the impact of the epidemic, major sports events around the world have been canceled，JP Morgan expects 188bet best bookmaker to lose 0-500 million in revenue。

From a revenue perspective，First quarter of 2020，Film and television entertainment contributed 37.0 million in revenue，Accounting for 18% of the company’s revenue。Profit last year was US.7 188bet best bookmaker。

The chairman announced that he would give up all his salary

All senior executives have their salaries reduced

Business has been greatly impacted by the COVID-19 epidemic，188bet best bookmaker Executive Chairman Bob Iger announced that he will waive all receivables starting in April，

Iger is one of the highest paid executives in the United States，The salary in 188bet best bookmaker’s fiscal year 2019 was US.5 million (approximately RMB 3.400 million yuan);The salary in fiscal year 2018 is as high as US.6 million (approximately RMB 4.600 million yuan)。

188bet best bookmaker Executive Chairman Beagle will give up his salary to help the company tide over the difficulties。

At the same time, all senior executives also accepted the notice of salary reduction.

In an internal letter sent by CEO Bob Chapek to employees on March 30，The company’s senior executives will take a pay cut。"From April 5th，All vice presidents will take a 20% salary cut，Senior Vice President takes a 25% salary cut，Positions above executive vice president will see a 30% salary reduction。”

Chapek himself will take a 50% salary cut.

Chapek’s base salary is .5 million，Annual target bonus is .5 million，Annual long-term incentive grant of million。50% salary reduction applies to his base salary，Instead of his entire compensation package。

Chapek said，The salary reduction will continue until the business can foreseeably and sustainably recover。

188bet best bookmaker is short of money

Raise new debt twice a week, totaling 52 188bet best bookmaker

And the past month，188bet best bookmaker’s debt increases，and signed a new line of credit，Enabling the company to have about billion in cash flow to cope with the economic downturn。

Late March，188bet best bookmaker said，Due to the impact of the epidemic，Plans to raise nearly billion through bond issuance，To alleviate the urgent need of cash flow。According to SEC filing，The interest rate of bonds issued by 188bet best bookmaker is 3.35%~4.between 7%，Expiration time is 2025-2050。

On March 26, 188bet best bookmaker raised another US.3 billion in new debt.

188bet best bookmaker reports，Raised .3 billion through Canadian bond issue。This new debt includes 3 due in 2027.057% Senior Notes。The reason for this new debt cited in the SEC filing is “for general corporate purposes，Includes debt repayments (including commercial paper)。”

This new debt is cheaper than the 188bet best bookmaker previously issued，But must be repaid earlier than other debt issuances。

To this point，188bet best bookmaker raises .3 billion in new debt in one week，Total nearly 52 billion yuan。

Financial report display for the first quarter of fiscal year 2020，The company’s current liabilities are around US 188bet best bookmaker，Among the long-term borrowings, the debt due within one year is about US 188bet best bookmaker，Borrowing amounts to approximately US 188bet best bookmaker。

March 19，188bet best bookmaker issues profit warning，Indicates that the spread of the new coronavirus may lead to changes in consumer behavior，Further disrupting the company’s business。The epidemic also makes it difficult to predict business performance，Especially in the short to medium term。

188bet best bookmaker+ becomes a new hope，Attracted 50 million subscribers in five months

But it lost nearly US0 million in the first quarter

In this context，188bet best bookmaker’s streaming service 188bet best bookmaker+ becomes 188bet best bookmaker’s new hope。

Latest data display，188bet best bookmaker+ has over 5 in just five months since launch,0 million subscribers。

Analysis，Accelerating the shift to online operations may become the key to 188bet best bookmaker’s strategy in 2020，But the financial report shows，188bet best bookmaker streaming is still burning money，Still losing money。

According to 21st Century Business Herald，As of the end of December last year，TV network and park experience are still 188bet best bookmaker’s two most profitable business segments，Income contribution is 73 respectively.USD 600 million、USD 7.4 billion、Film entertainment made a profit of US.7 billion and the streaming media platform 188bet best bookmaker+ lost US.8 billion。

In order to compete with Netflix and Amazon for the top spot in the streaming media market，188bet best bookmaker launched 188bet best bookmaker+, a streaming media with self-made content, late last year。

Financial report display for the first quarter of fiscal year 2020，As of the end of 2019，188bet best bookmaker+ streaming service has 26.5 million subscribers，Greatly exceeded the previous market expectations of 20 million。

188bet best bookmaker+ has always been popular，It has earned 188bet best bookmaker a lot of attention since its launch last year，The number of registered users exceeded 10 million on the first day of launch，It also became a catalyst for the rise of 188bet best bookmaker’s stock price in 2019。

March 24，188bet best bookmaker+ launched in European market，More than 5 million downloads in 7 new European markets on first day。

March 28，188bet best bookmaker+ gives viewers who are quarantined at home more programs to choose from，Announced some upcoming slate of films to be streamed in April。

As schools begin to close，188bet best bookmaker+ also launches a series of children's programs。

The film list is mainly documentaries，Mainly National Geographic、Some documentaries produced by Disneynature，includes "African Cats"、"We Are Born in China" directed by Lu Chuan, etc.，Also Pixar's latest animated film "Half of Magic"，The film will be released in North America on March 6，Will be launched on 188bet best bookmaker+ in advance on April 3rd。Also，Some animated short films produced by 188bet best bookmaker from the 1930s to the 1950s，TV programs such as "Celebrity Wilderness" are also available for users to choose from。

Tianfeng Securities analysis pointed out，188bet best bookmaker has a first-mover advantage in the streaming media war、Obvious IP barriers、Cost-effective package、International pace and unique online and offline experience interactive closed loop，brings a valuation premium higher than traditional peers。But whether it can exceed the audience expectations this year is the key。

But in terms of income contribution，188bet best bookmaker+’s contribution is still small，At the same time, the investment in content costs is huge，The loss of the DTCI business unit in the first quarter reached 6.US.3 billion，The loss in the same period last year was 1.US.6 billion。

Therefore, if 188bet best bookmaker wants to make money, it mainly depends on offline sales.

*Source of this article: China Fund News，Author: Wu Yu, original title:《188bet best bookmaker stops paying 100,000 employees，Snow White wants to "cry"！Market value plummeted by 550 billion》.