Disney announces financial losses after leaving Russia

The American company The Walt Disney Company lost $195 million in the second quarter of fiscal year 2022 (January-March 2022) due to the closure of the Disney Channel in Russia. This follows from the financial statements of the company, published on Wednesday.

"In the current quarter, the company recorded losses totaling $195 million due to the impairment of an intangible asset associated with the Disney Channel in Russia," the report says.

In March, the company announced that it would suspend all activities in Russia, including the production and licensing of content due to events in Ukraine. Prior to this, The Walt Disney Company announced the suspension of its films in Russian cinemas, including a number of upcoming premieres.