Euro Disney S.C.A.

Euro Disney S.C.A.
Subsidiary
Headquarters Marne-la-Vallée, France
Products Theme parks
Revenue Decrease EUR 1,278 million (2016)[1]
Decrease EUR -242 million (2016)[1]
Decrease EUR -858 million (2014)[2]
Total assets EUR 2,160.20 million
Total equity EUR -167.10 million
Number of employees
 14,064
Parent

Walt Disney Parks and Resorts (The Walt Disney Company)

[3]
Divisions Euro Disney Associés S.C.A.
Website disneylandparis.com

Euro Disney S.C.A. is a wholly owned subsidiary of The Walt Disney Company responsible for Disneyland Paris in Marne-la-Vallée, France.

Disneyland Paris comprises Disneyland Park, Walt Disney Studios Park, Disney Village, and seven on-site Disney Hotels. Val d'Europe is a new residential and shopping development. Another seven hotels/residences have been built not far from the two Disney theme parks on land held under Euro Disney SCA's lease, including properties from companies such as Holiday Inn, Kyriad, MyTravel and Radisson Hotels.

The Resort is a result of an agreement signed on 24 March 1987 between The Walt Disney Company and the French Authorities for the development of a new tourist destination, and construction began within a year. Since opening on 12 April 1992,[4] the Resort has created more than 30,000 jobs (both directly and indirectly) in the region to the east of Paris. Today it is the number one tourist destination in Europe with 16 million visits recorded for Financial Year 2012 .

History

1980s

In May 1985 Disney Productions indicated that they would build a European Disneyland park with a location expected to be selected by September.[CDC 1] A letter of intent was signed on December 15, 1985 by CEO Michael Eisner and then French Prime Minister Laurent Fabius in regards to building the theme park at Marne-la-Vallée, France on 4400 acres.[CDC 2] The theme park plans were approved by the Île-de-France regional council on July 11, 1986.[CDC 3] The Walt Disney Company appointed Robert Fitzpatrick as Euro Disneyland president on March 12, 1987.[CDC 4] On March 24, 1987 Euro Disney signed an agreement with the French government.[CDC 5] Construction on Euro Disney Resort began in August 1988.[CDC 6] In February 1989 Euro Disney SCA licensed The Walt Disney Company's intellectual property for the French theme park.[CDC 7] Euro Disney went public by trading on the Paris Stock Exchange on October 8 at US$14 a share with 42.9 million shares sold.[CDC 8]

1990s

In 1990 The Disney Company issued US$2.25 billion in convertible bonds through Merrill Lynch to fund building Euro Disneyland .[CDC 9] with an additional US$770 million in bonds offered by Euro Disney in October.[CDC 10] The second international Disney theme park, Euro Disneyland, opens as part of Euro Disney Resort in Marne-la-Vallée, France on April 12, 1992, with five theme lands: Adventureland, Discoveryland, Fantasyland, Frontierland, and Main Street plus Festival Disney resort area.[CDC 11]

2000s

In 2005 Euro Disney delisted from the London Stock Exchange[5]

2010s

In 2015 the company was restructured with a $1.3Bn recapitalisation, The Walt Disney company injected EUR420 Million and converted EUR600 Million of debt into capital. The restructuring also came with a 9-to-1 rights issue, hoping to raise EUR351 Million [6]

In 2017 The Walt Disney Company offered an informal takeover of Euro Disney SCA, buying 9% of the company from Kingdom Holding and an open offer of 2 Euro per share for the remaining stock.[7] This brought The Walt Disney Company's total ownership to 85.7%. The Walt Disney company will also invest an additional 1.5 Billion Euro to strengthen the company.[8]

On the 13th of June The Walt Disney Company announced the offer was successful and they hold over the 95%, Euro Disney S.C.A will be delisted on the 20th of June 2017 falling under entirely under Walt Disney Parks and Resorts for the first time in its 25 year history.

Administration

References

  1. ↑ Maclean's, July 8, 1985, Volume 98. Page 42.
  2. ↑ Time, December 30, 1985, Volume 126. Page 64.
  3. ↑ The New York Times,July 12, 1986. Page 34.
  4. ↑ The New York Times, March 13, 1987. Page D4.
  5. ↑ The New York Times, March 25, 1987. Page D3.
  6. ↑ Disney Magazine, Fall 1997. Page 72.
  7. ↑ Disneyland Paris - In Brief, by ?, 1994.
  8. ↑ The Keys to the Kingdom, by Kim Masters, 2001. Page 281.
  9. ↑ Forbes, October 1, 1990, Volume 146. Page 208.
  10. ↑ The Keys to the Kingdom, by Kim Masters, 2001. Page 281.
  11. ↑ The New York Times, April 13, 1992. Page A1.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.