Sunday, 14 July, 2024
In Stepanakert:   +17 °C

Disney suspends all business in Russia

Disney suspends all business in Russia
Friday, 11 March, 2022, 00:42

The Mouse has roared. Walt Disney Co. is suspending all business in Russia.

Citing Russia’s “unrelenting assault on Ukraine and the escalating humanitarian crisis,” the media titan DIS, -0.26% on Thursday said it is pausing content and product licensing, Disney cruises, and other operations.

“Some of those business activities we can and will pause immediately,” the company said in a harshly worded statement. “Others—such as linear channels and some content and product licensing—will take time given contractual complexities. Even as we pause these businesses, we remain committed to our dedicated colleagues in Russia, who will remain employed.”

In late February, Disney said it was pausing theatrical film releases in Russia.

Earlier this week, Disney Chief Financial Officer Christine McCarthy said the entertainment giant’s total exposure to Russia and Ukraine combined is about 2% of its total operating income. Disney’s segment operating income was $7.8 billion for the fiscal year ended in October, and $3.3 billion for its fiscal first quarter.