Disney Warns “Restructuring, Change In Business Strategy” May Squeeze Financial Results; Notes $900M Payment For Rest Of BamTech
deadline.comDisney said an upcoming restructuring under new/old CEO Bob Iger could result in impairment charges. It also noted that, as expected, it’s acquired the remaining 15% of streaming tech company BamTech it didn’t already own, paying $900 million.
The news was tucked in a long year-end SEC filing today after a tumultuous ten days for the company. “As contemplated by the leadership change announcement, we anticipate that within the coming months Mr.
Iger will initiate organizational and operating changes within the Company to address the Board’s goals. While the plans are in early stages, changes in our structure and operations, including within DMED (and including possibly our distribution approach and the businesses/distribution platforms selected for the initial distribution of content), can be expected,” the 10K filing said. “The restructuring and change in business strategy, once determined, could result in impairment charges.” Bamtech was previously owned 85% by Disney and 15% by MLB.
Disney had the right to buy in the rest of it by a 2023 deadline — five years after it acquired its original stake. The lengthy filing that recapped the past year’s financials — Disney’s fiscal year ends Sept.
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