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make it impossible for us to
mount the show that our at-
tendees have come to ex-
pect.”
The event’s organizers
had been hoping to continue
the show with additional
safety precautions at Cae-
sars Palace, including extra
trash bins and hand sanitiz-
ing stations. The group had
insisted the show would go
on even as events such as
South by Southwest were
canceled and the Coachella
Valley Music and Arts Festi-
val moved to October.
But that was before a
flurry of announcements by
government officials and
companies this week.
California officials called
for the cancellation of all
gatherings of 250 or more
people to slow the spread of
the coronavirus, a decision
that came hours after the
suspension of the NBA
season. President Trump on
Wednesday night sus-
pended travel from Europe
as the novel coronavirus
continued its spread across
the globe.
Perhaps most jarring for
the entertainment industry,
Oscar-winning actor Tom
Hanks disclosed that he and
his wife, Rita Wilson, had
tested positive for COVID-19
while in Australia to make a
movie. Hanks is featured in
Warner Bros.’ music biopic
“Elvis,” which was in prepro-
duction in the country.
“Well, now. What to do
next?” Hanks said in a
statement. “The Medical Of-
ficials have protocols that
must be followed. We Hanks’
will be tested, observed, and
isolated for as long as public
health and safety requires.
Not much more to it than a
one-day-at-a-time ap-
proach, no? We’ll keep the
world posted and updated.
Take care of yourselves!”
Analysts are still trying to
reckon with the size and
scope of the problem for me-
dia and entertainment com-
panies, which are already
grappling with existential is-
sues such as falling theat-
rical attendance and declin-
ing TV ratings amid the rise
of streaming.
“Given the broad expo-
sure the media and advertis-
ing industry has to live en-
tertainment (sports, film ex-
hibition, theme parks, con-
certs, event marketing), the
likelihood of continuing clo-
sures will bring unprece-
dented harm to these com-
panies at a most fragile
time,” wrote prominent me-
dia analyst Michael Na-
thanson in a blog post for cli-
ents. “We are in the process
of determining the full ex-
tent of the damage.”
Fear of the pandemic was
reflected on Wall Street.
Shares of AMC Enter-
tainment, owner of the
world’s largest cinema cir-
cuit, dropped 72 cents, or
20%, to $2.91 in Thursday
trading. The stock has lost
60% of its value so far this
year. Although theaters in
countries including China
and Italy have been closed, it
is not yet clear whether thesituation will result in any
similar dire actions in the
U.S.
ViacomCBS’ stock
dropped 18% to $16.14. The
company’s Los Angeles
movie studio Paramount
Pictures on Thursday de-
layed the release of its horror
sequel “A Quiet Place Part
II.” The studio has not set a
new release date, which was
previously set for March 20.
Paramount also pulled the
release of the romantic com-
edy “The Lovebirds,” origi-
nally planned for April 3.
“One of the things I’m
most proud of is that people
have said our movie is one
you have to see all together,”
director John Krasinski
wrote in a tweeted state-
ment. “Well due to ever-
changing circumstances of
what’s going on in the world
around us, now is clearly notthe right time to do that.”
ViacomCBS also an-
nounced Thursday it would
scrap its annual extravagan-
za for advertisers during the
so-called upfront week in
May. For decades, CBS and
the other networks have
wooed advertisers in elabo-
rate and star-studded pre-
sentations in New York. CBS
has long held court at the
stately Carnegie Hall.
“We’ll miss Carnegie Hall
and our agency dinners this
year, but the health and safe-
ty of our clients and the Via-
comCBS team comes first,”
said Jo Ann Ross, president
and chief advertising reve-
nue officer for ViacomCBS
Domestic Advertising Sales.
Comcast Corp.'s NBCU-
niversal also canceled its live
upfront event.
For Universal Pictures,
also owned by the Philadel-phia cable giant, the delay of
the the new “Fast & Furious”
is a major blow. The film will
be pushed back nearly a year
from May 22 to April 2, 2021.
The action series is one of
Universal’s key franchises,
with much of its business
driven by international
ticket sales, especially in
China.
Comcast’s stock fell $2.97,
or 8%, to $34.94.
The suspension of the
NBA schedule is expected to
hit multiple media giants
that broadcast the games,
including Disney’s ESPN
and AT&T’s WarnerMedia,
which shows pro basketball
on its Turner networks.
AT&T’s stock declined $3.19,
or 9%, to $31.33
One of the most antici-
pated film releases was Dis-
ney’s “Mulan,” a live-action
remake of the 1998 animatedmusical based on a Chinese
legend. “Mulan” was ex-
pected to debut March 27,
and was banking on a major
release in China.
A Disney spokesman on
Thursday said the company
was postponing the release
of “Mulan” and two other
movies “out of an abun-
dance of caution.” Disney
has not determined a new
date for “Mulan.” The studio
has also delayed the 20th
Century Studios superhero
film “The New Mutants” and
Searchlight Pictures horror
movie “Antlers” until further
notice.
Plans for “Black Widow,”
the Marvel movie starring
Scarlett Johansson, have
not yet changed.
“Disney’s studio stands
to be one of the most im-
pacted with six major films
set to be released before
July,” said Robert Fishman
of the Moffett Nathanson re-
search firm.
Disney has been hard-hit
by the virus, especially in
Asia, where theme parks
have been shuttered for
weeks. The Burbank-based
entertainment giant on
Thursday said it would close
Disneyland Park and Disney
California Adventure, begin-
ning the morning of March 14
through the end of the
month.
On Thursday, Disney
shares sank 13% to $91.81 a
share — a level that the stock
hasn’t traded at since 2016.
The stock is down 38% since
late November, when Wall
Street was cheering the
company’s strong launch of
its Disney+ streaming serv-
ice.
But those gains have
been erased. In recent
weeks, shares have been
reeling from investor worries
about theme park closures
and box office impact.
At Disney’s annual share-
holder meeting Wednesday
in Raleigh, N.C., Executive
Chairman Bob Iger ac-
knowledged the threat of the
coronavirus situation.
“It’s fair to say we’re all
sobered by the concern that
we feel for everyone affected
by this global crisis,” Iger
said in prepared remarks.
“These are challenging
times for everyone.”Hollywood is feeling coronavirus’ effects
THE ENTERTAINMENTindustry is being hit hard by the novel coronavirus as events are canceled. Above, a
child looks at film posters Wednesday in the lobby of the Arclight movie theater in Manhattan Beach.Jay L. ClendeninLos Angeles Times[Hollywood,from C1]