Walt Disney Co. (DIS) has announced plans to double the amount it invests in its theme parks over the next decade as the company grapples with a decline in its legacy media business.
Over the next 10 years, Disney will spend nearly $60 billion U.S. to update and expand its popular theme parks and cruise lines around the world.
The entertainment giant’s theme parks generated $32 billion U.S. over the last 12 months, making them one of the top revenue streams for the company.
Disney said its theme parks business unit currently has more than 1,000 acres of land available for development.
Regarding its cruise line, Disney said it plans to double worldwide capacity in the coming decade, with plans to add two new ships in fiscal year 2025 and fiscal 2026.
Disney’s focus on its theme parks and cruise line come as the company struggles with its traditional media segment that includes the ABC television network and specialty channels such as ESPN.
Disney is rumored to be considering a sale of the ABC network and its affiliates that could earn it as much as $10 billion U.S. No deal has been announced.
At the same time, Disney is dealing with runaway expenses to develop content for its streaming platform, as well as the current strike by Hollywood writers and actors.
Disney’s stock has declined 24% over the last 12 months to $81.94 U.S. per share and is currently trading at its lowest level in nearly 10 years.
