“However, we expect that the prolonged recovery we're seeing in the theatrical market, paired with the marketing costs associated with each release may adversely impact theatrical operating results in the first quarter by approximately $300 million versus the prior-year quarter, which had only 2 releases.”

In context

“ng at our domestic Parks in fiscal 2022 will continue to significantly exceed pre -pandemic levels, and we are particularly encouraged by the early response we are seeing to Genie at Walt Disney World. However, we also expect that while we continue to pursue strong cost mitigation efforts, certain costs will be elevated in fiscal '22 versus pre -pandemic levels, including for example, inflationary pressure on wages, costs related to new projects and initiatives such as Star Wars: Galaxy's Edge, Avengers Campus, and the EPCOT expansion and a ramp up of expenses in support of our cruise ship expansion. And as we think about fiscal '22 results at DMED, there are few things worth noting. First, we are excited about the 9 theatrical releases we have slated for the first quarter of fiscal '22. However, we expect that the prolonged recovery we're seeing in the theatrical market, paired with the marketing costs associated with each release may adversely impact theatrical operating results in the first quarter by approximately $300 million versus the prior-year quarter, which had only 2 releases. At Linear Networks, we expect that first quarter operating income will decrease by nearly $500 million versus the prior year. Reflecting factors including higher contractual sports rights costs for college football and the NFL. Timing of cricket expenses at Star India an adverse comparison to the prior year's political advertising revenue. Finally as it relates to our expectations for Disney+. Looking at fiscal '22, we are thrilled about the quality of the content coming in the first 3 quarters of the year. But we will not yet be at our anticipated steady-state cadence of content releases. The fourth quarter will likely be more indicative of what our slate could look like once we have content flowing steadily from all of our industry-leading creative engines. Q4 will be the first time”