With more sports events and theme parks closing due to the coronavirus and COVID-19, the respiratory illness it causes, some Wall Street analysts late in the week reduced their financial estimates for the Walt Disney Co. "COVID-19 is having a disproportionately negative impact on Disney's three largest profit centers," Needham analyst Laura Martin wrote in a Friday report entitled "Maybe Magic, But Not Lucky." "As of last night, Disney will close all its theme parks globally; the NCAA, NBA, MLB, MLS and NHL canceled or postponed their seasons and ESPN is the largest aggregator of sports programming; and many film openings (including Disney's Mulan) are postponed, which adds competition upon ultimate release and writes off marketing spending.
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