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Disney Sees ‘Significant’ Decline In Q1 TV Advertising, Cancels Dividend

Walt Disney cancelled its dividend, had a 90% drop in net income, and had a “significant” decline in TV advertising in its first-quarter reporting period. Although the company did not provide specific details, Christine McCarthy, senior executive vice president/chief financial officer of Walt Disney, said in an earnings call on Tuesday: “Obviously the COVID-19 pandemic has had a significant impact on our advertising sales. . . For us it is really due to the lack of live sporting events, and a pullback in advertising categories that are most impacted. ”Disney had a decline in ad categories including movie studios, restaurants, travel and tourism, retail, and domestic automotive, said McCarthy, adding: “On the other hand, we have seen advertisers opportunistically increasing their spend.

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