Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling Back
The Walt Disney Company (Disney) is an American multinational entertainment and media conglomerate. The company established itself as a leader in the American animation industry, film production, television, and theme parks.
Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling BackThe Walt Disney Company (Disney) is closing the Russian office of its film division - most of the employees of the office in Moscow, where the film distribution department of the studio is based, have already been dismissed.
The company is taking steps to pause all the businesses in Russia. This includes content and product licensing, Disney Cruise Line activities, National Geographic magazine and tours, local content productions and linear channels. Pause new content releases, Disney Channel Russia stops broadcasting, replaced by local kids’ TV channel. Disney and Sony received £13.5m in payments from Russian joint venture after Ukraine invasion despite suspension of operations in the country. The Moscow-based company responsible for marketing and distributing films in Russia made by the two studios paid out £13.1m in dividends in March 2022, a month after Russia invaded Ukraine. An analysis of recently filed accounts shows a further £440,000 was paid between July and December 2023. The money was paid by Moscow-based Walt Disney Studios Sony Pictures Releasing (WDSSPR) to Eastern European Holdings (EEH), a joint venture between Disney and Sony’s London-based Columbia Pictures unit.