Live news: Disney shares sink on plan to spend $60bn on theme parks over next 10 years

Disney said it would double spending on theme parks, resorts and cruise lines to $60bn over the next decade, sending shares lower despite a boost to the business segment that has driven profits over the past year. 

Shares in Disney dipped more than 3 per cent following Tuesday’s announcement, and have fallen almost 25 per cent over the past year. 

Disney’s theme parks had a robust performance in 2022 as fans returned after Covid-19 closures, and international parks saw a similar rebound this year, particularly in Shanghai.

The parks’ strength comes as Disney’s streaming business continues to lose money, and amid box office disappointments.