Latest news with #WaltDisney
The Sun
5 hours ago
- Business
- The Sun
California legislature acts to keep film and TV production at home
HOLLYWOOD'S home state of California will more than double annual tax incentives for film and television production to $750 million under a measure passed by the Democratic-led legislature on Friday. The increase from the current $330 million was approved as part of a broader tax bill that is expected to be signed into law by Governor Gavin Newsom in the coming days. Democrat Newsom had advocated for the boost, a step to help reverse a years-long exodus of production from California to places such as Britain, Canada and other U.S. states that offer generous tax credits and rebates. Producers, directors, actors and behind-the-scenes workers have warned lawmakers that Hollywood was at risk of becoming the next Detroit, the automaking capital devastated by overseas competition, if current trends continued. Permitting data showed production in Los Angeles, the location of major studios including Walt Disney and Netflix, fell to the second-lowest level on record in 2024. California has lost more than 17,000 jobs since 2022 from its declining share of the entertainment industry, according to union estimates. Producer Uri Singer said he shot three films in New York to take advantage of its tax incentives. He received a California tax credit to shoot his current project, a horror flick called "Corporate Retreat," in Los Angeles. "You can get such good cast and crew that are available that makes shooting in L.A. financially better," he said. "Besides that, creatively you find here anyone you want, and if you need another crane, within an hour you have a crane." Plus, "the crew is happy because they go home every day," Singer added. Local advocates applauded California's expansion of tax incentives, though they said more needs to be done. Writer Alexandra Pechman, an organzier of a "Stay in LA" campaign by Hollywood workers, called on Hollywood studios to commit to a specific amount of spending in California to support creative workers. "It's time for the studios and streamers to do their part to turn this win into real change for all of us," Pechman said. Industry supporters also are pushing for federal tax incentives to keep filming in the United States. Republican President Donald Trump has offered a different way to address the issue. Trump said in May that he had authorized government agencies to impose a 100% tariff on movies produced overseas. The movie tariff has not been implemented.
The Sun
5 hours ago
- Business
- The Sun
California boosts film tax credits to $750 million
HOLLYWOOD'S home state of California will more than double annual tax incentives for film and television production to $750 million under a measure passed by the Democratic-led legislature on Friday. The increase from the current $330 million was approved as part of a broader tax bill that is expected to be signed into law by Governor Gavin Newsom in the coming days. Democrat Newsom had advocated for the boost, a step to help reverse a years-long exodus of production from California to places such as Britain, Canada and other U.S. states that offer generous tax credits and rebates. Producers, directors, actors and behind-the-scenes workers have warned lawmakers that Hollywood was at risk of becoming the next Detroit, the automaking capital devastated by overseas competition, if current trends continued. Permitting data showed production in Los Angeles, the location of major studios including Walt Disney and Netflix, fell to the second-lowest level on record in 2024. California has lost more than 17,000 jobs since 2022 from its declining share of the entertainment industry, according to union estimates. Producer Uri Singer said he shot three films in New York to take advantage of its tax incentives. He received a California tax credit to shoot his current project, a horror flick called "Corporate Retreat," in Los Angeles. "You can get such good cast and crew that are available that makes shooting in L.A. financially better," he said. "Besides that, creatively you find here anyone you want, and if you need another crane, within an hour you have a crane." Plus, "the crew is happy because they go home every day," Singer added. Local advocates applauded California's expansion of tax incentives, though they said more needs to be done. Writer Alexandra Pechman, an organzier of a "Stay in LA" campaign by Hollywood workers, called on Hollywood studios to commit to a specific amount of spending in California to support creative workers. "It's time for the studios and streamers to do their part to turn this win into real change for all of us," Pechman said. Industry supporters also are pushing for federal tax incentives to keep filming in the United States. Republican President Donald Trump has offered a different way to address the issue. Trump said in May that he had authorized government agencies to impose a 100% tariff on movies produced overseas. The movie tariff has not been implemented.
Hindustan Times
9 hours ago
- Entertainment
- Hindustan Times
California legislature acts to keep film and TV production at home
By Lisa Richwine California legislature acts to keep film and TV production at home June 27 - Hollywood's home state of California will more than double annual tax incentives for film and television production to $750 million under a measure passed by the Democratic-led legislature on Friday. The increase from the current $330 million was approved as part of a broader tax bill that is expected to be signed into law by Governor Gavin Newsom in the coming days. Democrat Newsom had advocated for the boost, a step to help reverse a years-long exodus of production from California to places such as Britain, Canada and other U.S. states that offer generous tax credits and rebates. Producers, directors, actors and behind-the-scenes workers have warned lawmakers that Hollywood was at risk of becoming the next Detroit, the automaking capital devastated by overseas competition, if current trends continued. Permitting data showed production in Los Angeles, the location of major studios including Walt Disney and Netflix, fell to the second-lowest level on record in 2024. California has lost more than 17,000 jobs since 2022 from its declining share of the entertainment industry, according to union estimates. Producer Uri Singer said he shot three films in New York to take advantage of its tax incentives. He received a California tax credit to shoot his current project, a horror flick called "Corporate Retreat," in Los Angeles. "You can get such good cast and crew that are available that makes shooting in L.A. financially better," he said. "Besides that, creatively you find here anyone you want, and if you need another crane, within an hour you have a crane." Plus, "the crew is happy because they go home every day," Singer added. Local advocates applauded California's expansion of tax incentives, though they said more needs to be done. Writer Alexandra Pechman, an organzier of a "Stay in LA" campaign by Hollywood workers, called on Hollywood studios to commit to a specific amount of spending in California to support creative workers. "It's time for the studios and streamers to do their part to turn this win into real change for all of us," Pechman said. Industry supporters also are pushing for federal tax incentives to keep filming in the United States. Republican President Donald Trump has offered a different way to address the issue. Trump said in May that he had authorized government agencies to impose a 100% tariff on movies produced overseas. The movie tariff has not been implemented. This article was generated from an automated news agency feed without modifications to text.
Time of India
10 hours ago
- Business
- Time of India
Could Disney stock surge? Analysts raise price targets after strong earnings
Wall Street Is Getting Bullish on Disney Live Events Disney's Strong Earnings Spark Optimism FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Walt Disney is attracting growing attention from analysts, as several major firms have recently raised their price targets for the entertainment giant, signalling increased confidence in the company's performance and future prospects, as per a the global investment and advisory financial services firm Guggenheim upped its price target for Disney's shares to $140 from $120, as per a report by Benzinga. Guggenheim's analysts have currently rated the entertainment giant's stock as "buy", and the investment firm's target price indicates a potential increase of 15% from the company's previous close, according to a report by Market was among the first to adjust its outlook, raising its price target from $115 to $120 and assigning an 'overweight' rating in a May 8 report, as per Market Beat. That same day, Morgan Stanley echoed the sentiment, also lifting its target from $110 to $120 with an 'overweight' rating, according to the READ: What can fans expect from the new Sonic the Hedgehog and Magic: The Gathering collaboration? UBS Group followed suit, boosting its target price from $105 to $120 and issuing a 'buy' rating, while Loop Capital went a step further, upping its estimate from $125 to $130 in a June 10 report and maintaining a 'buy' rating, according to the Market Beat Securities also weighed in, increasing its target from $135 to $140 on June 3 and giving Disney a 'buy' rating, which matches Guggenheim's latest move to the same $140 target, as per the Market Beat the broader analyst consensus paints a fairly optimistic picture, and according to the data compiled by Market Beat, six analysts currently rate Disney a 'hold,' while 17 say 'buy,' and two have gone as far as to label it a 'strong buy' for Disney stock, as per the report. As per Market Beat's analysis, the average price target across all firms now sits at $124.79 and has an average rating of "Moderate Buy", suggesting analysts see more upside ahead for Disney stock, according to the READ: UVA's Jim Ryan resigns under DOJ heat — who is the University of Virginia president at the center of the storm? The increase in price target comes after Walt Disney posted better-than-expected earnings for the quarter ending May 7, giving investors more confidence in the company, as per the Market Beat posted $1.45 earnings per share for the quarter, above the consensus estimate of $1.21 by $0.24, according to the report. The entertainment giant also reported a revenue of $23.62 billion for the quarter, which beat analysts' expectations of $23.15 billion, as reported by Market Beat. Equities research analysts have predicted that Walt Disney will report 5.47 earnings per share for the current year, according to the Market Beat READ: Pornhub, XNXX in panic? US Supreme Court ruling lets states crack down on online adult content access Guggenheim and Rosenblatt both set it at $ currently sits at $124.79, according to MarketBeat.
The Sun
17 hours ago
- Entertainment
- The Sun
I'm a Disney expert who's visited 50 times – what to expect from their new Florida theme park from Fortnite to Frozen
WALT Disney World have filed plans to add a fifth theme park to their Florida resort - which is major news for families heading to Orlando. Disney is already big business in Florida, heavily contributing to the 75 million tourists who arrived in Orlando last year, so as a Disney expert, I took a look at what to expect from the new park. 7 7 As someone who has visited the theme parks in Florida more than 50 times, this is exciting news and could potentially change everything when it comes to theme park holidays - especially for Brits. Heading to Florida is not a cheap trip, with many families I speak to through my website saying they save up for ten years or more for a chance to visit. For some, a potential new theme park opening is brilliant news, as once you've booked and paid to get to the US, you'll be getting even more for your money. But, in reality, this means your Disney holiday will cost you even more, as a new theme park will likely mean a longer trip is necessary and even more cash needed for food, drinks and hotels. Ultimately, this is what Disney really wants - to welcome guests and keep them exclusively on their expansive resort, which already has four theme parks, two water parks, restaurants, a sports facility, a campsite and over 30 hotels. Walt Disney World is already Florida's unofficial city, bigger in size than Miami. So first-timers to the resort often have no idea what to expect and it can feel overwhelming. A whole new world As someone who first went to Walt Disney World at the age of eight and has returned almost every year since, I have seen every change made to the parks over 30 years, so I'm excited. With Disney acquiring franchises like Pixar, Lucasfilm, The Chronicles of Narnia and National Geographic, the potential for this new theme park is endless. With Universal Orlando Resort opening the new Epic Universe earlier this year, pressure has been on Disney to double down on the magic and make its next move. However, it's unlikely that we'll see the impact of that change for another ten years or more. Some reports are suggesting the 'fifth gate', an insider name for a completely new theme park, won't open until 2045! 7 7 My children are now five and eight, meaning they could be in their mid-twenties by the time it opens. I will be 60! However, I think things will move a lot faster. Epic Universe, which opened in May 2025, is now the biggest theme park in the US, becoming a villain in Disney's long-running fairy tale. However, Disney still have some magic up their sleeve, with the announcement of the new Villains Land at Magic Kingdom. This land, based on Disney baddies such as Maleficent from Sleeping Beauty and Hades from Hercules, will add a new dynamic to the existing park and change the pace from cute characters and pretty princesses to a darker, more mischievous vibe. After first being announced in 2019, Universal Orlando officially opened Epic Universe in only seven years, which is fast for the creation and construction of a theme park and three themed hotels. Especially since work was halted during the pandemic. Using this as a guide, realistically, we won't see the gates open to the new Disney park until at least 2035. Disney fans can, however, look forward to a new area of the Magic Kingdom Park themed on Disney ' s Cars, called Piston Peak National Park and a re-themed Tropical Americas area at Disney's Animal Kingdom, inspired by the movies Encanto and Indiana Jones. This will happen much sooner, rumoured to be opening in 2027. This expansion itself will be the largest in Magic Kingdom's history, so there is plenty to get excited about in the short term. Like many other theme park enthusiasts and Disney fans, I have some ideas on what the new Disney park will feature. From cutting-edge tech and immersive, live-action encounters, these are my predictions on what we might get to experience at Walt Disney World in the next 10 years: Live-Action Land 7 The original Disneyland Park in California opened in 1955 and back then, attractions and lands were themed on classic animated movies, such as Snow White and the Seven Dwarfs and T he Wind in the Willows. Fast forward 70 years, and both the movies and the theme parks have come a very long way. Disney's live-action movies have made over $7bn at the box office since 2010, and franchises like Pirates of the Caribbean are only growing in popularity, with a new movie rumoured to already be in the making. So, it makes sense that Disney will want to have a modern, high-tech theme park, based on the most popular live-action Disney films, such as The Chronicles of Narnia, The Lion King and Beauty and the Beast. Attractions are likely to be similar in style to the new, jaw-dropping Harry Potter and Battle at the Ministry at Epic Universe. I expect the attractions to be fully immersive, featuring state-of-the-art video projections that use the original actors, an animated queue line and a physical ride. Fortnite and Interactive Gaming One entertainment space that Disney Parks have not yet fully explored is the concept of immersive gaming. This is a dedicated theme park land, based on a video game, or games, that incorporates a gaming element into the lands, projections and rides. Think Super Nintendo World at Epic Universe or the Illuminations attraction, Villain Con Minions Blast at Universal Studios Florida, which lets guests play a larger-than-life physical game as they move through the attraction and compete with other guests in the park via the Universal app. In 2024, Disney announced they were collaborating with Epic Games, who own the worldwide phenomenon, Fortnite. At the time, Robert A. Iger, Chief Executive of The Walt Disney Company, said: "This marks Disney's biggest entry ever into the world of games and offers significant opportunities for growth and expansion. "We can't wait for fans to experience the worlds they love in groundbreaking new ways." Epic Games already works with Unreal Engine, a software developer, and Disney has hinted they will collaborate on an all-new games and entertainment universe. Unreal Engine was used in the creation of more than 15 Disney Parks attractions, including Millennium Falcon: Smugglers Run at Star Wars: Galaxy's Edge. So watch this space. Moana Water Park In the new development plans, Disney have requested space for the new theme park as well as two 'small' theme park spaces, which could very well be used for a new water park. Disney currently has two water parks, Blizzard Beach and Typhoon Lagoon, but neither is heavily themed on a particular Disney movie. Moana i s the most-streamed Disney movie on Disney+, surpassing 1.4 billion hours. The film, which is set on a fictional Polynesian island, would be ideal to create a water park around, but incorporating modern elements like a water coaster, as seen on The Disney Cruise Line, as well as pools and classic water slides. DisneySEA Florida 7 One of the most unique Disney parks in the world is Japan's Tokyo DisneySEA. This is an entire theme park, which sits alongside Japan's other Disney park, Tokyo Disneyland, and is themed solely on Disney movies that have a water element. This would be ideal after the success of Disney's live-action The Little Mermaid, Finding Nemo, Finding Dora and Moana. Plus, Florida DisneySEA would be a totally unique addition to the existing Walt Disney World parks: Animal Kingdom Theme Park, Magic Kingdom Park, Epcot and Disney's Hollywood Studios. None of the existing parks have a specially-themed water area, so this would be a perfect addition. Plus, the plans include requests for an underground basement level. Could this be to build a lake and river that would need to be below ground, for visual effect and purification? Marvel Cinematic Universe Marvel is a hotly debated topic in the realm of Florida theme parks, with Disney's biggest rival in Orlando currently holding the rights to original comic book brands, such as Spider-man and Hulk in Florida. Universal Orlando Resort already has a world called Marvel Superhero Island, at their second theme park, Universal's Islands of Adventure. While Disney now own Marvel and can create commercial properties with the brand in Europe, Asia and on the US's West Coast, they are not permitted to use the Marvel brand in the east of the US, where Walt Disney World is located. However, since Disney's acquisition with Marvel in 2009, there are some loopholes to the rule. Marvel movies and characters that didn't exist when the intellectual rights were drawn up, are free to be utilised by Disney. That led to the opening of Guardians of the Galaxy : Cosmic Rewind in 2022. The Marvel Cinematic Universe (MCU) is the highest-grossing film franchise of all time. There is no doubt Disney will want to create a modern theme park with this theme, which lends itself perfectly to the modern lands and attractions we have come to expect in the digital age. Rumours have been circulating for years that Universal will sell the Marvel brand back to Disney and re-brand their space at Islands of Adventure into something entirely new. This could lead to an entire Marvel Cinematic Universe theme park in the next 20 years, and that would thrill fans the world over. Animation World Showcase 7 Finally, the size of the proposed theme park at Walt Disney World could make way for a new version of EPCOT's World Showcase. This classic area of Disney's EPCOT park features pavilions themed on 11 different countries around the world. With diversity at the forefront of Disney's movie projects, this could lead to an animated Disney World Showcase at the new park, made from the fictional worlds of Disney's most popular films. The most obvious franchise would be Frozen. Hong Kong Disneyland opened Arendelle: World of Frozen in 2024, with a smaller version coming to Disneyland Paris next year. The picturesque, snow-covered fictional kingdom would be perfect if set around an Epcot-sized lake. Other animated film pavilions could include a Mexican-themed Encanto, Italian-inspired Luca, Machu Picchu from The Emperor's New Groove and San Francisco from Inside-Out - another huge, yet under represented Disney movie across the parks.
