Was Instagram the Steal of the Century?

Disney Plus reported 28.6 million subscribers as of Monday. That’s impressive for a service that’s less than three months old and isn’t available in most countries. Bob Iger, Disney’s C.E.O., told analysts that it “exceeded even our greatest expectations.”

That number is expected to grow this spring as Disney Plus enters new markets beyond the U.S., Canada and three other countries.

Mr. Iger has bet Disney’s future in part on streaming, and the subscriber number puts the service in a strong position to compete with the likes of Netflix (167 million subscribers worldwide) and Amazon Prime (150 million subscribers worldwide).

Now for the bad news:

• Disney expects to lose over $300 million from the temporary closing of its Shanghai and Hong Kong theme parks because of the coronavirus outbreak.

• Profit declined sharply at ESPN, long Disney’s biggest moneymaker.

The speed read

Deals

• The owner of the New York Stock Exchange, Intercontinental Exchange, has offered to buy eBay, though talks appear to be off for now. (WSJ)

• Inside Brookfield, the secretive $500 billion investment firm that grew out of the Seagram family fortune. (FT)

• The hedge fund billionaire Steve Cohen is reportedly ending talks to buy the Mets. (NY Post)

Politics and policy

Article source: https://www.nytimes.com/2020/02/05/business/dealbook/instagram-20-billion-revenue.html?emc=rss&partner=rss