Major mass media and entertainment conglomerate, Walt Disney reported a substantial decline in its profits during the last financial year, its first since 2009. However, the company’s star may be on the rise after it confirmed rumors of a new Star Wars trilogy.
The company’s shares took a hit after its competitors began investing in larger projects, leaving Disney in the lurch. However, Disney has since rectified the matter by locking down a major franchise, the Star War movies. Consequently, the company’s shares have rallied.
Disney also confirmed rumors that it was working on a live-action Star Wars series. This new series would be launched on a new online streaming service. The firm stated that it was confident that it could still provide the kind of blockbusters that audiences craved.
Confirming rumors that it had invested in the science fiction franchise, Disney’s CEO, Bob Inger stated that the company had cemented a deal with the director of the upcoming “Star Wars: The Last Jedi”, Rian Johnson.
The contract agreed that the company and director would team up to create a new trilogy of the blockbuster franchise. “The Last Jedi” is the second movie in the current trilogy and the new agreement means that Star Wars fans and investors can expect more.
Speaking of Disney’s future, Inger stated that the company was optimistic of its upcoming future. However, he added that this optimism stemmed mostly from the fact that quality was an important component for success. Quality, he claimed, was something Disney prided itself on.
Immediately after news of the trilogy hit the media, Disney’s shares took an initial dip, however they rose nearly 1% in the after-hours trading. Disney also has plans to launch a sports focused ESPN+ app soon, not to mention a Disney streaming service which is scheduled for a 2019 release.
The company stated that these virtual investments were “vital” to the firm’s future growth. However, Disney continued to remain tight lipped when asked about its rumored bid to acquire parts of 21st Century Fox.
Fox had earlier stated that it was looking to bid off parts of its vast business, including its major shares in entertainment. It had also hinted that Disney was the forerunner in the race to acquire these shares.
Neither Fox nor Disney has deigned to confirm these reports since then. However, Disney’s CEO stated that he had not ruled out an acquisition.