ESPN Asks Commentators & Hosts To Take Pay Cut Due To COVID-19

Posted on by Mathew Corn Uncategorized

With the Coronavirus pandemic affecting theme parks, sports, and movie theaters alike, ESPN is struggling to keep content fresh for its viewers, and in order to mitigate the financial effects of COVID-19 on the network, it is asking its top commentators to take pay cuts.

According to the Sports Business Journal, ESPN has asked its 100 most highly paid commentators to take voluntary 15% pay cuts over the next three months. It is unknown how many of the commentators have agreed to the take these pay cuts, which are meant to deter further furloughs for ESPN employees who may be in more precarious financial positions than some of the on-air commentators.

The commentators impacted include Stephen A. Smith (who makes a reported $8M per year) and Mike Greenberg (who makes a reported $6.5M per year), and game analysts like the highly-paid Alex Rodriguez and Kirk Herbstreit, whose salaries are in the seven-figure range. Employees in lower pay grades are not included in the voluntary pay reductions.

Walt Disney Company Gets $5 Billion Credit From Citibank

Posted on by Mathew Corn Uncategorized

With the Coronavirus (COVID-19) pandemic not going away any time soon and The Walt Disney Company still facing an uncertain financial future, the company has secured a new credit line of up to $5 billion, according to Seeking Alpha.

Disney revealed in a new SEC filing on Monday that it entered into a 364-day credit agreement with Citibank for up to $5B just last Friday, with the option to extend the maturity beyond April 9, 2021 if lenders consent.

Due to the size and short term nature of the credit line, it’s apparent that the credit agreement is to offset COVID-19’s impact on company-wide operations. The 2021 maturity date also confirms that both parties believe the company will be back on its feet within a year or so, aligning with what other analysts have inferred regarding park attendance levels and revenue.

The Walt Disney Company also recently announced a $6 billion U.S. debt offering as well as a $1.3 billion Canadian debt offering in March. At the end of the previous fiscal year, Disney had long-term debt worth over $38 billion. Disney is far from the only media company seeking to raise money, with Comcast, owner of Disney’s chief theme park rival, Universal Parks & Resorts, also raising money to offset COVID-19’s impact on their operations.

Construction On “Reflections: A Disney Lakeside Lodge” Continues Despite COVID-19 Concerns

Posted on by Mathew Corn Disney Resorts

When we saw permits filed earlier this month for work on a Table Service Restaurant, bus stop, transportation dock, and more at the site of Reflections – A Disney Lakeside Lodge, it was still assumed that construction had been halted throughout Walt Disney World Resort––and it has, for the most part––but according to a new report from the Orlando Business Journal, one local construction firm continues chipping away at the upcoming nature-themed Disney Vacation Resort property in progress.

Balfour Beatty Construction LLC continues work on the 900-room resort taking over the space of the former River Country throughout the closure. In a statement to the Orlando Business Journal, it outlined the safety measures it was taking in light of the ongoing COVID-19 crisis:

“Balfour Beatty is taking all necessary measures to ensure workers, clients, partner and the public are safe. As a essential business, we have a responsibility to keep our projects operating while we modify the way we deliver work to allow for the new and necessary health and safety measures that are now required as a result of this pandemic. The practicalities of how to implement social distancing in the field are complex and our workforce is committed to meeting these needs, knowing that each decision has an impact on not only the team’s ability to deliver and our production flow, but the health and wellbeing of everyone.”

Work has continued despite smaller crews and stringent new regulations from the CDC. According to analyst David Heger, it’s in Disney’s best interest to keep work going for certain projects, especially if they’ve already been funded. And surely, a shiny new resort will beckon to both casual guests and DVC members alike in the aftermath of the extended closures. Reflections – A Disney Lakeside Lodge is expected to open in 2022.

France Extends Restrictions; Disneyland Paris Not Likely To Open Until Mid-July

Posted on by Mathew Corn Disney Parks

Two of Disneyland Paris’ long-awaited summer events, Magical Pride and Electroland, have effectively been cancelled in light of new restrictions from the French government, which may also entail a delayed re-opening date for the resort itself.

President Emmanuel Macron has announced that the current lockdown would be extended for at least month, until May 11. The government has also cancelled all summer festivals and events through mid-July, including the popular Solidays music festival and even the Tour de France, both set to take place in late June. Electroland was scheduled for July 3 through the 5th, with featured headliners including Martin Garrix, Dimitri Vegas, and Like Mike.

Disneyland Paris remains closed “until further notice”, with its official re-opening facing inevitable postponement in light of these new regulations, which prohibit large public gatherings until at least mid-July in order to slow the spread of the COVID-19 pandemic.

All River Cruises Suspended Through June

Posted on by Mathew Corn Uncategorized

After cancelling most trips through May due to concerns over the ongoing Coronavirus (COVID-19) pandemic, Adventures by Disney has now suspended all river cruises through June.

The following announcement was sent to all Adventures by Disney guests and their travel agents:

With the wellbeing of our Guests and Guides as our top priority and in line with direction from health experts and government officials, Adventures by Disney along with AmaWaterways has decided to suspend June River Cruises and the associated Escape trips. All impacted guests and travel agents will be contacted by Adventures by Disney.

Cancelled Trips:

  • Rhine River Cruise: 6/14/20
  • Rhine River Cruise: 6/28/20
  • Rhone River Cruise: 6/11/20
  • Seine River Cruise: 6/11/20
  • Danube River Cruise: 6/20/20
  • Danube River Cruise: 6/27/20
  • Amsterdam Escape: 6/21/20
  • Budapest Escape: 6/25/20
  • Paris Escape: 6/9/20
  • Paris Escape: 6/18/20
  • Amsterdam Escape: 7/5/20

This also includes all Alaskan Wonders cruise packages booked in conjunction with Disney Cruise Line due to new regulations from the Canadian government not allowing any ship with more than 500 passengers to dock in any Canadian port until July 1, at the earliest.