That's it for the call itself BUT you can watch us recap the events in just a few minutes here: 

Don't forget about Investor Day...

Disney will be talking more about Hulu advertising on....wait for it.... December 10.

Bob Chapek is a huge fan of Hulu+Live TV. 

Remember remember the tenth of December...

Disney will be heavily tilting their business from linear to direct-to-consumer.  More to come on December 10.

A lot of the investor questions are about Disney+ and a lot of the answers are "wait for December 10"

Chapek does say that the CDC guidelines set a high hurdle, so they will come back online later than originally expected.

The 5th, 6th, and 7th cruise ships will each be delayed about six months.  They expect the demand to be strong by the time they come along.

He says they will create a "Disney Bubble" on each of their cruise ships. 

Disney feels that sports ratings are doing well considering everything going on, but does not want to draw conclusions during this odd time.

Bob Chapek says the new structure frees up creative talent to focus on what they do best.

Walt Disney World was at 25% capacity, but it has now increased to a 35% capacity while still following the CDC guidelines.

There will be a role for Premier Access moving forward.  More to come December 10.

Disney was pleased with the results of Mulan as a Premier Access title, but the film faced controversy. However, they saw enough to see potentional in Premier Access.  More to come on December 10.

Regarding the amount of films that Disney will be making.... more to come on December 10.

ESPN is looking at future sports rights from a shareholders perspective. (Which is just a way to not answer the question)

Health Advisory: Don't playing a drinking game where each time they mention the Investor Day you drink.

Disney expects Disneyland to remain closed at least through the end of December.

Disney's Board has decided to not issue a dividend in January 2021, but they plan on returning to a dividend upon the return of a normal operating enviroment. 

The purchase of 21st Century Fox was accretive to earnings in the 3rd and 4th quarter of 2020, but they will not address the topic moving forward due to the reorganization.

Disney is booked at 77% of their reduced capacity in the first quarter, with Thanksgiving nearly fully booked.

Walt Disney World, Shanghai Disneyland, and Hong Kong Disneyland all made money in the previous quarter.

The parks operating loss was $1.1 billion in the previous quarter.

The last fiscal year had a 53rd week, which actually helped Disney's results due to the timing of sports rights fees.

Details on their investmenst in Disney+, ESPN+, Hulu, and Star will come at their Investor Day next month. He promises this will include sneak peeks at upcoming content.

September was the biggest month ever for ESPN digital video delivery.

Bob Chapek discusses hosting the NBA and MLS bubbles at Walt Disney World.

Disney is encouraged by the progress in a COVID vaccine, but is disappointed that California has not let Disneyland reopen.

Chapek says they have proven that they can reopen parks safely.

Chapek also recognizes the local and national ABC News teams.

ABC has had success with Dancing with the Stars and The Conners.

Disney expects to have 8 new studio projects up and running by January.

Animation teams worked remotely while live-action has resumed. Chapek does warn that further disruptions to production could happen.

Chapek says they are pivoting to a "DTC-First" business model. More details to come on December 10.

Hulu+Live TV grew 41% over the last year.

Disney will provide an update on subscriber numbers at their Investor Day on December 10.

As previously reported, Disney+ will launch in Latin America on Tuesday.

Bob Chapek says they are taking risks to set up the company for long-term growth.

The excutives on the call are all working remotely so they are participating from their homes.

Here we go

For the record: The current hold music for the earnings call is "Reflection" from the 2020 version of Mulan.

Today's call should begin in just a couple of minutes. Here's the streaming link: https://edge.media-server.com/mmc/p/vcoa449o

Disney invested $2.145 billion in their domestic parks and experiences in 2020. This is down from $3.294 billion in 2019.

Disney is up 7.06 points (5.19%) in After Hours Trading due to the "not as bad as expected" earnings report.

At the end of the year, Disney has $3.6 billion in free cash flow, showing the company has plenty of cash to invest in Disney+.

Hulu had 36.6 million subscribers up from 28.5 million in the previous year.

At the end of the quarter, ESPN+ has 10.3 million subscribers which is up from 3.5 million a year ago.

Conference call hold music update: A Frozen medley

ESPN+ saw subscriber results driven by UFC pay-per-views.

The higher results at Disney Channel were due to selling library titles to Disney+.

At cable, Disney saw lower results at ESPN which were partially offset by higher results at FX and Disney Channels.

COVID-19 had a $6.9 billion impact on the Parks, Experiences, and Products business in the most recent quarter.

Disney expects to spend $1 billion in their 2021 fiscal year on safety measures for guests, talent, and employees.

Bob Chapek: "Even with the disruption caused by COVID-19, we've been able to effectively manage our business while also taking bold, deliberate steps to position our company for greater long-term growth."

Disney+ had more than 73 million paid subscribers as of the end of their fiscal year

Disney lost 20 cents compared to 71 loss expected.

Earnings are out: Disney revenue beats the street with 14.71 billion with $14.20 billion expected.

For the record, PS5 representatives rang the closing bell of the NYSE. It happens to also be the debut day for their new Spider-Man game.

Disney closed down 2.4 points (1.74%) with earnings set to be announced very soon.

Ahead of the bell, Disney is down 3 points (2.18%). It is down a bit more than the Dow which is down 1.42% as COVID cases increase across the country.

For those that missed it, Disney+ did announce the premiere date for WandaVision which we had expected to be revealed during the earnings call.  The show will have its delayed debut on January 15.

"The Street" expects Disney to have lost 71 cents per share in the last quarter off revenues of $14.2 billion.

We are getting ready for Disney to report earnings for the 2020 fiscal year (October-September) and the final quarter of their year.