Disney Plus Reaches 54.5 Million Subscribers

Disney Plus has reached 54.5 million subscribers worldwide, the company said Tuesday as it unveiled quarterly earnings that reflect the huge hit to the bottom line caused by the shutdown of Disney’s theme parks and other businesses.

The subscriber update for Disney plus marks a gain of 4.5 million since April 8, when Disney disclosed it had topped 50 million subscribers.

Also Tuesday, Disney confirmed that it will skip its scheduled July dividend payment. The company is focused on preserving ample liquidity amid the coronavirus shutdown that has cost the company $1.4 billion through the end of the quarter ended March 31.

Disney chief financial officer Christine McCarthy said the company would take the rare step of skipping the payment for the first half of the company’s 2020 fiscal year, which ends Sept. 30. That will save Disney about $1.6 billion if the dividend payment was in keeping with recent levels at about 88 cents a share.

More to come