Theme park closures due to coronavirus pandemic cost Disney billions

People take a selfie at Disney World.
(Image credit: Matt Stroshane/Walt Disney World Resort via Getty Images)

It cost nearly $5 billion for Disney to close Disneyland, Walt Disney World, Disneyland Paris, and its other theme parks from mid-March to June, the Walt Disney Company revealed on Tuesday.

During an earnings webcast, the company said it posted a loss of nearly $5 billion for the third quarter, which included a $2 billion loss in its parks, products, and experiences segment, USA Today reports. This segment's revenue dropped 85 percent to $1 billion compared to the same quarter in 2019.

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Catherine Garcia, The Week US

Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.