The Walt Disney Company Board of Directors has announced that it will not declare a semi-annual cash dividend for the second half of fiscal 2020, in light of the ongoing impact of COVID-19 and the company’s decision to prioritize investment in its direct-to-consumer initiatives.
This is the second time the company has decided to forgo the dividend. At the height of the pandemic, the Walt Disney Company decided to forgo the dividend in July saving them $1.6 billion.
Disney has been struggling this past years as the pandemic has kept theme parks closed caused a 61% plunge leading to a $2.4 billion hit for the three months that ended in September.
Adriana Chavez is the editor for Vacancy. Email: email@example.com