It's not easy being an entertainment company in 2021. Disney's quarterly earnings report today captures the struggle to keep investors happy, even when times are good and audiences are growing. Despite adding 118.1 million new subscribers to its flagship streaming platform, Disney Plus, shares for the Walt Disney Company fell as much as 5% in after-hours trading on Wednesday. Read more >>
Here's what else we're reading in the news:
- Los Angeles' City Council has approved a plan to create a municipal solar and storage program to reach its renewable energy goals by 2035.
- Discovery CEO David Zaslav is moving to L.A. to oversee the new company generated from its merger with AT&T's WarnerMedia.
- Glendale-based LegalZoom has acquired virtual mailbox provider, Earth Class Mail.
- L.A.'s City Council on Friday will consider a proposal to prevent large tech companies from buying affordable, single-family homes.
- Caltech this week said it would rename buildings to distance itself from eugenicists associated with the school, including founding president Robert A. Millikan.
- Entrepreneur Michael Sadler has launched the Black Business Company in L.A. to provide a networking platform for Black businesses.
- Saeidan, an L.A.-based Medicare navigation platform, has joined the 2021 Techstars Future of Longevity Accelerator program.
Production Lull Weighs on Disney Plus
Disney Plus totaled 118.1 million subscribers to the streaming service this quarter, missing analysts' expectations of 119.6 million, according to a Bloomberg analysis. Disney CEO Bob Chapek warned earlier this year that investors should anticipate a lull in Disney Plus growth, blaming it on production disruptions caused by the pandemic.
At a Goldman Sachs conference in September, Chapek said "COVID-induced production delays is a kink in the supply chain for new content," but stressed, "this is short term."
Rivian Stock Soars 29% in Its Nasdaq Debut
Investors lined up behind the much-anticipated IPO of Rivian, helping its stock price to go up 29% from its debut price on the Nasdaq exchange. Trading under the symbol "RIVN," the electric-vehicle maker's stock price rose to $119.46 during the day before closing near $101 per share.
At that price, the company's market cap approached $87 billion, according to Nasdaq, blowing past Ford (at about $77 billion) and narrowly topping GM ($86 billion).
Dodger Stadium Returns to Being a COVID Testing Site
A few days after Los Angeles put some of the strictest COVID measures in the country in place, the testing site at Dodger Stadium will reopen. The startup Curative will operate the site, once the nation's largest, as demand for testing grows.
Dermalogica Founder Jane Wurwand on Developing a Skill
Dermalogica founder Jane Wurwand credits her mother's advice — "learn to do something" — for motivating her and her sisters into higher education and independence. Today, Wurwand is the founder of a multimillion-dollar international brand with a dedicated following. On this week's episode of the Behind Her Empire podcast, she tells her story and what inspired her entrepreneurial passion.
Hear more of the Behind Her Empire podcast. Subscribe on Stitcher, Apple Podcasts, Spotify, iHeart Radio or wherever you get your podcasts.