The Walt Disney Company suffered enormously on Thursday as the entertainment giant’s stock fell nearly four percent to about $90 a share.
Disney, which recently ousted Bob Chapek as CEO to return Bob Iger to his former position, continued its downward plunge into after-hours trading culminating in a total loss of 4.7 percent of its value.
The company’s losses were a part of a larger trend on Thursday which saw the Dow Jones Industrial Average more than 700 points, the worst day for the market in three months, according to CNBC.
The Walt Disney Company has, over the past year, stumbled into a political spat with Gov. Ron DeSantis (R-FL) and has promoted woke agendas in their media including the introduction of LGBTQ+ characters in their entertainment.
While Disney has suffered for its political and entertainment choices, other streaming behemoths are also seeing downturns in their profitability, according to Breitbart.
Netflix shares dropped a staggering 8.6 percent on Thursday after a report was released that the company couldn’t make the necessary viewership numbers that it promised to advertisers, according to a DigiDay report.
“Netflix is falling short of ad-supported viewership guarantees made to advertisers and allowing advertisers to take their money back for ads that have yet to run, according to five agency executives,” the report explained. “The specific shortfall amounts vary by advertiser, but in some cases, Netflix has only delivered roughly 80% of the expected audience, said the executives. A Netflix spokesperson declined to comment.”
Another major media company, Warner Bros. Discovery, also saw its shares plummet by nearly nine percent after it announced that the restructuring of the company would take a $1 billion investment.
Other stocks also led the downturn as Apple and Alphabet fell four percent and Amazon and Microsoft fell three percent, per CNBC.
As companies like Disney and Netflix continue to embrace a left-wing agenda, they will miss viewership targets and lose subscribers as the everyday American is turned off by their content. Political neutral or conservative companies will hopefully be able to fill the entertainment void in the future.
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