media giant the walt disney company district Took a big step by naming a new CEO to help turn around the struggling stock price. Here’s a look at the new CEO’s initial strengths.
What happened: Disney recently announced that it is replacing the CEO bob chapek with former CEO Bob Iger, A man who previously led Disney in the role of CEO for 15 years.
Iger has already made several changes, and one analyst is calling for more changes, such as a possible spinning off of the ESPN sports segment.
The good news for Iger is that Disney may soon be celebrating a strong box office performance soon after rejoining the company.
Thanksgiving Day weekend is usually a strong box office for movie theater companies. Disney’s animated film “Strange Worlds” will debut this year’s Thanksgiving holiday. According to Variety, the new Disney film is expected to bring in $30 million to $40 million at the box office during its opening weekend.
“Encanto,” which was released over the 2021 Thanksgiving holiday, grossed $40.3 million domestically. Disney has successfully released many of its hits over the extended holiday weekend, including “Frozen 2,” “Ralph Breaks the Internet” and “Coco.”
One item to watch might be the international box office performance of “Strange World”. According to Deadline the film is expected to earn $25 million to $29 million in overseas markets and will not be released in China and several other countries.
Disney chose not to present the film to many markets due to the inclusion of a gay character, which had previously led to “Lightair” being rejected by many countries.
Disney’s “Strange Worlds” could compete with an existing film to top the weekend box office list — and the good news for Disney is that it’s one of its own productions.
“Black Panther: Wakanda Forever,” which released two weeks ago, is expected to have a box office haul of $40 million over the holiday weekend.
“Black Panther: Wakanda Forever” has seen a domestic box office of $258 million and a global box office of $552.2 million. The film ranked seventh for the year at the domestic box office and eighth globally.
Related link: How much will Bob Iger get paid upon his return as Disney CEO
Why this is important: Disney has dominated the box office over the past few years, with movies from the Marvel and Star Wars franchises breaking records.
“Black Panther: Wakanda Forever” broke records for November and is expected to top the domestic and global box office 2022 charts in the next few weeks.
Disney currently holds the second, sixth and seventh biggest releases of the year domestically, with “Spider-Man: No Way Home” tied for eighth place. Sony Group Corporation Sony,
The strong opening from “Strange World” and the continued success of “Black Panther: Wakanda Forever” could help solidify Disney and Iger’s outlook going forward.
The company’s current fiscal quarter will see results from the Black Panther sequel, “Strange World,” and the highly anticipated “Avatar: The Way of Water,” the sequel to the record-breaking 2009 film, which is set to open in the U.S. on December 16. To.
In 2023, Disney has several Marvel movies coming, including a fifth Indiana Jones film and movies like “The Little Mermaid” and “Haunted Mansion.”
The strong box office performance could help Iger strengthen the case that Disney has strong intellectual property and brands and needs to focus more on costs and direction to help the stock rebound.
District Price Action: Disney shares are up 2.78% to $98.90 on Wednesday from a 52-week range of $86.28 to $160.32.
Read next: NFT prospects are ‘extraordinary’ for Disney: How Bob Iger’s return could drive Web 3 growth
Photo: Sylvia Elizabeth Pangaro via Shutterstock