Retired Disney CEO Bob Iger March 11 told attendees at the media giant’s annual shareholder meeting in Raleigh, N.C., that the company would successfully withstand challenges from the global spread of the coronavirus (COVID-19).
“We’re all sobered by the concern we feel for everyone affected by this global crisis,” Iger said. “What we’ve demonstrated repeatedly is that we are incredibly resilient.”
The executive chairman, who introduced successor Bob Chapek to shareholders, said Disney’s future remains bright.
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“What we create at the Wall Disney Co. has never been more necessary or more important,” Iger said.
Indeed, his comments come as Disney said Tokyo Disneyland would remain shuttered until April. Shanghai Disney remains closed expect for select retail merchants. Disneyland Paris remains open.
Separately, Iger said the branded subscription streaming service, Disney+, had reached nearly 30 million subscribers in just three months of operation.
“The decision to pivot to a direct-to-c0nsumerstrategy was a critical one and it is our top priority,” Iger said. Disney+ will launch in Europe on March 24.
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Helios and Matheson Analytics, parent of fiscally-challenged ticket subscription service MoviePass, is looking for shareholder redemption July 23.
That’s the date stockholders will vote on a series of proposals, including one that would authorize the board of directors to issue a reverse stock split as high as one share for every 250 shares of common stock.
With the stock down 3.6% to 21 cents in early July 5 morning trading, it would take combining five HMNY shares just to top Nasdaq’s mandatory $1-per-share minimum.
“If the board determines to implement the ‘reverse split amendment,’ [HMNY] would communicate to the public, prior to the effective time of the amendment, additional details regarding final reverse split ratio, as determined by the board,” HMNY said in the July 5 filing.
Indeed, HMNY needs to quickly shore up its fiscal optics. MoviePass is hemorrhaging millions of dollars more each month than it is generating enabling subscribers daily access to theatrical screening for $9.95 fee.
Another proposal would increase authorization of common shares from 500 million to 5 billion. HMNY currently has 498 million shares of stock authorized, including about 250 million shares of common stock outstanding.
HMNY said a nay vote by shareholders on the proposal could “unnecessarily” limit or delay its ability to pursue future financings, acquisitions and other transactions.
The company is also seeking approval of a “January Note Financing Proposal,” which would give it access to $35 million remaining from an original $60 million bond deal.
HMNY earlier this month announced a “mixed shelf” securities filing, which would allow it to sell $1.2 billion worth of securities over the next three years in various amounts and pricing.