In the latest of an expensive spending spree, the Walt Disney Co. announced plans to spend $2.5 billion to expand Disneyland Paris, a theme park that has yet to draw the crowds that the media giant had hoped for.
During an event with French President Emmanuel Macron in Paris, Walt Disney Co. Chairman and Chief Executive Robert Iger announced the expansion, including three new areas based on Disney’s most popular intellectual properties: Marvel, “Frozen” and Star Wars.
The announcement comes only a year after Iger announced plans to buy out all shareholders in the European park and invest $1.6 billion in hopes of turning around weak financial results and sluggish attendance numbers amid terrorism fears in France.
At the same time, Disney is spending about $1 billion to build a 14-acre Star Wars expansion at Disneyland, plus a similar land for another $1 billion in Walt Disney World in Orlando — among other upgrades throughout its theme park empire.
Read the full story on LATimes.com.