The Wall Street Journal - 14.11.2019

B2| Thursday, November 14, 2019 ** THE WALL STREET JOURNAL.**

INDEX TO BUSINESSES

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A
Abbott Laboratories...B
AbbVie.........................B
Activision Blizzard....B
AKZO Nobel................B
Alibaba Group.............B
Align Technology......B
Alphabet.........A9,B4,B
Amazon.com........B2,B
American Outdoor
Brands.......................B
Apple...........A1,B1,B2,B
B
Bank of America.B1,B
BASF............................B
BHP Group..................B
C
Caisse de dépôt &
placement du Québec
...................................B
CBS..............................B
Chime Financial..........A
Cisco Systems.............B
Citigroup................A1,B
D
Datadog.....................B
E
eBay...........................B
Edison International...A
Energizer Holdings...B
Epic Games...............B

F

Facebook................A1,B

G

GameStop..................B

Generation Investment

Management...........B

Goldman Sachs GroupA

H

HMSHost.....................R

Hon Hai Precision

Industry.....................B

HP................................B

J

JPMorgan Chase..B1,B

Juniper Research........A

K

KLA..............................A

L

Lord.............................A

Luckin Coffee..............B

M

Macy's.......................B

McClatchy....................B

Morgan Stanley..........B

N

Naver...........................B

Netflix.........................B

Nintendo....................B

P

Parker Hannifin..........A

PG&E...........................A

Preston Hollow Capital

...................................B

R

Revolut........................A

Royal Bank of CanadaB

S

Samsung Electronics..A

Signet Jewelers........B

SmileDirectClub.B11,B

Smith & Wesson Brands

.....................................B

SoftBank Group.....A1,B

Starbucks....................B

State Street..............B

T

Tencent................B5,B

T. Rowe Price Group.B

Twitter........................B

U

Uber Technologies....B

Unilever.......................B

W

Walt Disney.........B1,B

Wells Fargo...............B

WeWork Companies...A

X

Xerox Holdings............B

Z

Z Holdings...................B

INDEX TO PEOPLE

million domestic subscribers

and another 98 million over-

seas. Disney+, so far only

available in the U.S., Canada

and the Netherlands, is to ex-

pand to foreign markets in the

coming months.

Amazon.com Inc., CBS

Corp. and even Disney’s own

Hulu have entrenched online-

video presences. Apple Inc. re-

cently introduced Apple TV+,

which at $4.99 a month is

even more affordable, though

its limited starting lineup of

just nine shows makes it a

less-than-formidable competi-

tor, at least for now.

AT&T Inc.’s HBO Max and

Comcast Corp.’s Peacock,

slated to launch next year, will

further test the public’s appe-

tite for subscription entertain-

ment. Disney has told inves-

tors it expects Disney+ to have

between 60 million and 90

million subscribers by the end

of fiscal 2024, at which point

it should achieve profitability.

The Disney+ launch was

marred by technical glitches

that slowed streaming and

kicked users out of the app for

several hours. The issues,

which were resolved by the

end of the day, were driven by

servers overwhelmed by the

demand of continuous stream-

ing and sign-ups.

Disney has priced its ser-

vice at $6.99 a month, around

half the cost of Netflix’s most

popular plan. The service in-

cludes about 500 movies and

7,500 TV episodes in total.

Disney said it would not issue

further updates on subscriber

figures outside of quarterly

earnings calls with investors.

—Sarah Krouse contributed

to this article.

subscribers to take advantage
of the offer.
Disney entered an already-
competitive field that is only
going to get more crowded.
Netflix Inc. dominates with 61

Continued from page B

Subscriber

Figures Stir

Investors

Technical glitches aside,
Disney+ made its debut this
week with trophies from Pixar,
Marvel and Star Wars, as well
as a deep library of nostalgia-
triggering Disney animation
and live-action films, some of
which might otherwise have
been forgotten to time.
It’s a dizzying array of pro-
gramming that serves as a re-
minder of the breadth of the
Disney audience and empire.
We surveyed the landscape
and talked to Disney fans to
help prioritize some of the
most notable movies and
shows to start with.

The Big-Budget Debut

In the world of Star Wars’
most die-hard fans, the George
Lucas-created universe is now
a place of fractious debate,
with many bemoaning the di-
rection of the big screen tent-
poles. But for many of them,
“The Mandalorian,” the first
live-action Star Wars TV se-
ries, is a new reason for hope.
It’s also Disney+’s most high-
profile original show out of
the gate. It’s set in a gritty
world of bounty hunters—in-
cluding the title character—
and features a bar fight and a
gunslinging droid. The West-
ern tropes aren’t the only
throwback aspect of the show.
It’s a serial story, being re-
leased in weekly installments,
as Disney foregoes the all-at-
once drop that defined the
binge model of streaming TV.
The Buzz: Most critics had
measured praise for the first
installment. The chief com-
plaint among some fans was
that the first episode, with a
running length under 40 min-
utes, wasn’t longer.

Family-Bonding Time

Key to the platform’s long-
term success will be a flow of
new releases for families to
discover together. One exam-
ple, “Marvel’s Hero Project,”
departs from the comic-book

brand’s typical cinematic ac-

tion. The unscripted show pro-

files real-life kids surmounting

challenges, starting with Jor-

dan, who designed a pros-

thetic arm for herself, mod-

eled on a unicorn horn.

“People with two hands can’t

shoot glitter out of their arm,”

Jordan says in the first epi-

sode. “Might as well take your

difference and make some-

thing really cool.”

The Buzz: Common Sense

Media, a site that reviews

family entertainment, called

the show heartening and in-

spiring, noting it puts difficult

topics, such as child abuse, in

the context of young subjects

“proactively trying to making

a positive difference in the

world.”

Magic Kingdom Fans

A six-part documentary se-

ries about Disney’s parks

delves into the history of

“imagineers,” the people who

create the park’s attractions, a

craft that Disney kept largely

hidden. The mechanics behind

animatronic Abraham Lincoln

and the It’s a Small World ride

get explained in the show di-

rected by Leslie Iwerks, a Dis-

ney legacy herself. Her father,

Don Iwerks, was a renowned

Disney innovator and execu-

tive, and her grandfather, Ub

Iwerks, designed Mickey

Mouse.

The Buzz: Early reviews in-

dicate that casual Disney fans

might be drawn to the series,

which the Hollywood Reporter

calls “an elegantly crafted, if

unavoidably rhapsodic, history

of Disney’s theme parks.”

Live-Action Remake

One of cinema’s most fa-

mous kisses—the spaghetti-

enabled smooch between a

cocker spaniel and a mutt—

gets a do-over for the stream-

ing era in a new “Lady and the

Tramp.” It’s the latest in the

studio’s series of remakes of

its classic animated films, us-

ing a combination of live-ac-

tion actors and computer-gen-

erated effects.

The Buzz: Middling reviews

from critics point out the new

version suffers by comparison

to the animated 1955 original.

Curiosities From the Vault

With all the emphasis on

the splashy franchises of Dis-

ney’s present, there’s some-

thing refreshing about scroll-

ing through the studio’s past,

including the oddball artifacts.

Such films are the product of

the two-decade period after

Walt Disney’s death in 1966,

when his studio struggled with

its mission, especially in live-

action films. Titles like “The

Computer Wore Tennis

Shoes,” “Million Dollar Duck”

and “The Cat From Outer

Space” speak for themselves,

but might spur older fans to

revisit some white elephants

from childhood.

The Buzz: “With no risk, it

will be interesting to see

where the studio’s head was”

before the studio was revital-

ized in the late 1980s, says

Howard Bowers, co-founder of

a website and podcast devoted

to Disney history, RetroWDW.

lion monthly active users in

Japan, its top market. Getting

access to those users could help

Yahoo Japan strengthen its

shopping business, which com-

petes against Amazon.com Inc.

Also, Yahoo and Line cur-

rently back rival smartphone-

payment platforms in Japan. A

combination could help them

expand in the crowded market.

Kyodo News and the Nikkei

newspaper earlier reported

plans for a combination. Nikkei

said the sides were discussing a

plan in which SoftBank and

Line parent Naver Corp. would

each own 50% of a holding

BUSINESS & FINANCE

company that would house Ya-

hoo Japan and Line.

South Korea-based Naver

controls Line with a 72.6%

stake as of June 30. Line’s mar-

ket capitalization as of Wednes-

day’s close was ¥1.1 trillion, or

about $10 billion.

Line shares went public in

July 2016 and soared on the

first day, partly in anticipation

of global expansion. The com-

pany has since solidified its

dominant position among chat

apps in Japan and continued to

do well in Taiwan and Thailand.

But it has backed away from

expanding outside Asia.

As of March 31, two compa-

nies controlled by SoftBank

held a cumulative 47.5% stake

in Z Holdings, the Yahoo Japan

parent, according to the Z

Holdings website. Z Holdings’

market capitalization as of

Wednesday’s close was ¥1.

trillion. Yahoo Japan, which no

longer has a capital connection

to the U.S. Yahoo website

owned by Verizon Communica-

tions Inc., is the largest inter-

net source of news and infor-

mation in Japan.

TOKYO—Two of Japan’s in-

ternet leaders—news and shop-

ping site Yahoo Japan and chat

app Line—are in talks over a

combination that could expand

SoftBank Group Corp.’s em-

pire, the companies said Thurs-

day.

If completed, the deal could

give SoftBank and its acquisi-

tive chief executive, Masayoshi

Son, a bigger presence in inter-

net advertising and payment

apps in Japan. SoftBank effec-

tively controls Yahoo Japan

through subsidiaries.

A person involved in the

talks said SoftBank ultimately

hoped to gain control of Line

through the deal, but he said

the sides were still discussing

several deal structures.

Yahoo Japan’s parent, Z

Holdings Corp., and Line issued

statements Thursday confirm-

ing reports of the talks but say-

ing nothing has been decided. Z

Holdings shares rose 17% in

early Tokyo trading Thursday.

Line says it has some 82 mil-

BYPETERLANDERS

ANDTAKASHIMOCHIZUKI

SoftBank Woos Chat App in Japan

The combination would add to the empire of Masayoshi Son.

AKIO KON/BLOOMBERG NEWS

A
Aboaf, Eric................B
Ainsley, Alex...............B
Armstrong, Evan.......B
B
Biery, Jonas..............B
C
Cherry, Charlotte........B
Claure, Marcelo...........A
Coffey, Jolanta............B
Cotton, Rick................R
Cure, Howard............B
D
Deason, Darwin..........B
E
Ellis, Matt...................B
F
Fabian, Matt.............B
Ford, Robert B............B
G
Granato, Vince............R

Greenfield, Rich..........R

H

Haldea, Shruti.............B

Hammer, Sarah...........B

Havard, Stephanie......R

Holmgren, Olle..........B

I

Icahn, Carl...................B

K

King, Tim...................B

Krosby, Quincy..........B

Krpata, Petr..............B

L

Larsen, Andreas Steno

...................................B

Lau, Martin.................B

LaVigne, Mark.............B

Legere, John...............A

Levine, Julie................B

Liew, Daryl................B

Loewengart, Mike.....B

Lores, Enrique.............B

N

Neumann, Adam.........A

Nicholas, Mike............B

Nicholson, Melissa.....B

Nipps, Emily................R

P

Piepszak, Jennifer....B

R

Robinson, Kiersten.....B

Rocco, Julie.................B

S

Sabia, Michael..........B

Selva, Anand...............A

Sengupta, Caesar.......A

Shah, Vishal................B

T

Tijerina, Robert A.....B

W

White, Miles D...........B

Z

Zuckerberg, Mark.......B

BYJOHNJURGENSEN

Disney+ Shows Dive Deep Into Nostalgia

A documentary tells the tale of the ‘imagineers’ who designed Disney’s animatronic Abraham Lincoln.

DISNEY+

supplies and is also one of the

largest PC makers in the world.

It posted revenue of more than

$58 billion for its most recent

fiscal year, ended in October

2018.

Mr. Icahn and another major

Xerox shareholder, Darwin Dea-

son, put Mr. Visentin in charge

Continued from page B

after scuttling Xerox’s planned

merger with Fujifilm Holdings

Corp. last year and taking con-

trol of its board.

Mr. Icahn said it was Mr.

Visentin who had the idea to ap-

proach HP, and his team worked

with advisers to bring the idea to

Xerox’s board in early November.

Mr. Icahn said the Xerox board is

calling the shots and that his two

representatives aren’t participat-

ing in deliberations.

Mr. Icahn said his team be-

gan looking at HP in late Febru-

ary when its stock dropped

more than 17% in one day fol-

lowing a disappointing earnings

release. He said when he began

buying shares in late April, he

didn’t have a deal with Xerox in

mind and it wouldn’t have been

possible anyway given con-

straints in the copier company’s

longstanding partnership with

Fujifilm. Rather, he said, he be-

lieved the shares were under-

valued and could possibly bene-

fit from activism given HP’s

significant cash flow and small

amount of debt.

“I’ve found over the years

that these types of companies

that are in shrinking industries

tend to decline much more

slowly than many market par-

ticipants may predict, while

continuing to generate substan-

tial amounts of cash,” he said.

Mr. Icahn has been a fre-

quent advocate over the years

of the cost-cutting benefits of

consolidation.

He said he also saw growth

opportunities from newer tech-

nologies such as software ser-

vices, 3-D printing and artificial

intelligence. Mr. Icahn said he

stopped buying HP on Aug. 14

when the size of the position

was around the typical toehold

stake of $1.25 billion and before

reaching the 5% threshold that

would have required him to dis-

close it. He said he doesn’t typ-

ically buy more than 5% unless

he is prepared to launch an ac-

tivist campaign, and at that

time he hadn’t yet made a deci-

sion to run a campaign at HP.

Icahn

Backs

Xerox-HP

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