On Tuesday, the company said it expected free cash flow to break even in 2021, adding in a letter to shareholders, we believe we no longer have a need to raise external financing for our day-to-day operations

The Walt Disney Company had recently said Shankar will step down as President of its Asia Pacific business and Chairman of Star and Disney India with effect from December 31, 2020

Shankar will be succeeding Sangita Reddy, President, FICCI, and Joint Managing Director, Apollo Hospitals Group during FICCI's 93rd Annual General Meeting (AGM) scheduled to be held on December 11,12 and 14, 2020

India second worst-hit major economy in Q2; UK tops the list India has been the second worst performer among major economies during July-September quarter as COVID-19 pandemic continued to impact businesses. India's GDP fell 7.5 per cent during the September quarter, albeit much slower than the 23.9 per cent decline registered in the June quarter, signalling a rebound. India's GDP contracts 7.5%, sequential growth at new high of 23.2%While the economy contracted for the second successive...

The company also said they may make more cuts in spending such as reducing film and television content investments and additional furloughs and layoffs

Earlier this month, Disney said it was furloughing additional workers from its theme park in Southern California due to uncertainty over when the state would allow parks to reopen

Disney's businesses outside of streaming have been hammered by the global COVID-19 pandemic

Scientists, public health officials and investors welcomed the first successful interim data from a large-scale clinical test as a watershed moment that could help turn the tide of the pandemic if the full trial results pan out

\"We invest in content creation, we produce it and license it to platforms. The entire show is financed by us, the rights are with us,\" explains Applause CEO Sameer Nair

This comes on top of the 28,000 employees who were laid off in September, mostly across Disney's U.S. theme parks, in California and Florida

There is more to the exits at Disney-Star. Apart from the studio exits, there have been four high profile exits in the company's sports business too

The broadcaster also plans to move niche sporting events such Formula One and English Premier League exclusively to its OTT platform, Disney Plus-Hotstar

Senior industry sources confirm that The Walt Disney Company is planning to write-off its studio unit in India - Fox Star Studios - as it does not see value in the business

Uday Shankar has also quit as The Walt Disney Company APAC president. Over next three months, he will work closely with Rebecca Campbell, chairman of Disney's Direct-to-Consumer and International segment, to identify his successor to ensure a smooth transition

Disney officials announced last week that it was laying off 28,000 workers because of the coronavirus pandemic

Disney shut its theme parks worldwide when the novel coronavirus began spreading this year

Disney+ Hotstar has also partnered with Reliance Jio and Bharti Airtel to make it easier to subscribe to its annual plans

The sale of TikTok is happening as the company is under fire from the administration of U.S. President Donald Trump as a potential national security risk due to the vast amount of private data the app is compiling on U.S. consumers

\"It's become clear that nothing can be set in stone when it comes to how we release films during this global health crisis,\" a Disney representative said

Disney joins other companies like Starbucks Corp, Unilever Plc, Adidas AG and others that have pulled advertising from the tech giant