The suit claims Bob Chapek tried to conceal the “staggering costs” it incurred while attempting to boost its subscriber count and promise profitability by the end of 2024.
between TSG Entertainment Finance and 20th Century Studios, which Disney owns, to “prop up” Disney+ and juice its stock price.
“To conceal these adverse facts, defendants engaged in a fraudulent scheme designed to hide the extent of Disney+ losses and to make the growth trajectory of Disney+ subscribers appear sustainable and 2024 Disney+ targets appear achievable when they were not,” the shareholder said. “The company also reported a decline in its average revenue per Disney+ subscriber, as more customers subscribed through a discounted bundle with the Company’s other services,” the complaint said. “Notably, the bundled offering made up about 40% of domestic subscribers, confirming that Disney was relying on short-term promotional efforts to boost subscriber growth while impairing the platform’s long-term profitability.
Disney has faced a “precipitous decline in market value,” the suit said, citing the company’s plummeting stock price.unraveled much of his predecessor’s decisions after returning for a second stint to run the company.
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