A major coup in entertainment, as sector giant Disney (DIS) just pulled off one doozy of a win. The Grammy Awards, formerly a staple on Paramount’s (PARA) CBS for over half a century, are now making a move to Disney’s umbrella for the next decade. The move brought with it some shareholder support, as Disney shares were up modestly in the closing minutes of Thursday’s trading.
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Starting in 2027, the Grammy Awards will hit ABC, as well as Disney+ and Hulu, until 2036, when something may change. Interestingly enough, this is ABC getting the Grammys back, as CBS originally took them from ABC back in 1973, noted a Deadline report. ABC, meanwhile, only had the Grammys for two years at the time, when they took the rights from NBC, who had held them between 1959 and 1970.
Essentially, Disney landed the rights by waiting until the exclusive negotiating window that CBS had to get the Grammy rights ran out and then submitted a winning bid for them afterward once the Grammys opened up negotiations with other platforms. With Paramount still neck-deep in cost-cutting measures following the Skydance deal, it becomes little surprise that Paramount did not pull out the checkbook for the Grammys.
Menu Mayhem
A surprising amount of news then emerged about menus at Disney. First, the simpler news: the menu at the Satu’li Canteen, part of Disney’s Animal Kingdom, will be updating its breakfast menu, bringing the meal back after being absent since September 2017. Several new items have been brought in, and some older favorites have updated descriptions, notes WDW News Today.
However, the other menu news is much odder. Disney recently fired an employee who hacked its menu system and not only altered allergen information but also altered prices and even added “profane language.” The employee, noted CNN, had been engaged in a kind of low-grade cyber-terrorism campaign for months, altering menus, locking other employees out of their accounts with failed logins, and even using a bot to attempt over 100,000 such log-on attempts, ultimately locking the system.
Is Disney Stock a Buy or Hold?
Turning to Wall Street, analysts have a Strong Buy consensus rating on DIS stock based on 15 Buys and five Holds assigned in the past three months, as indicated by the graphic below. After a 19.79% rally in its share price over the past year, the average DIS price target of $112.47 per share implies 16.61% upside potential.
