Disney to spend $5 bln for films and TV production across UK, EMEA
Changes sourcing and recasts story throughout
Aug 9 (Reuters) -Disney DIS.N plans to spend at least $1 billion every year in the UK, Europe, the Middle East and Africa over the next five years to produce movies and TV shows, a company spokesperson told Reuters on Friday.
The company will commit the amount across films, Disney+, National Geographic and other TV productions, the spokesperson added in an emailed statement.
Disney's plans could build on the recent success of films like "Inside Out 2" and the company's television business.
"Inside Out 2" notched $1.6 billion in global ticket sales and "Deadpool & Wolverine," which debuted in the current quarter, has brought in more than $850 million.
The plans were first reported by the Financial Times citing the company's Europe chief, Jan Koeppen. "We feel like we're really on a roll again with movies, which is fantastic,” Koeppen told FT.
Earlier this week, Disney forecast "moderation in demand" at its theme park business in the coming quarters, pulling shares down 1.1% on Wednesday.
Disney's EMEA business spans over 130 markets across the region commercially and operationally, according to the company's website. The firm's EMEA offerings include Disney+, motion pictures, television, content licensing and local original productions, the website showed.
Reporting by Kanjyik Ghosh and Chandni Shah in Bengaluru; Editing by Janane Venkatraman
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