'Mulan' is finally heading to Disney+... for $30

Disney announced on Tuesday that the remake of the 1998 animated classic will be heading to Disney+, the company's new streaming service, for an additional fee of $29.99. The film will be available on September 4.

Bob Chapek, Disney's CEO, said the pandemic has forced the company to think of "different approaches" to better serve consumers.

"We thought it was important to find alternative ways to bring this exceptional family friendly in a timely manner," he said on the earnings call.

The news of the release came as Disney released brutal quarterly results that showed the extent to which the company's media empire was ravaged by the coronavirus pandemic --a net loss of nearly $5 billion on Tuesday.

In addition to its whopping quarterly loss, Disney's parks business was hit particularly hard by COVID-19. Its parks and resort unit lost $3.5 billion in the quarter. The unit's revenue was down a whopping 85% from the year ago quarter.

Overall sales for the company fell 42% to $11.8 billion.

Chapek said that "Mulan" will be released simultaneously in theaters in markets where Disney+ is not available and, of course, where theaters are open.

While "Mulan" going to Disney+ is big news, it's yet to seen if the announcement will have huge ramifications for the theaters since Chapek called the film's release "a one off."

Overall sales for the company fell 42% to $11.8 billion

One bright spot was Disney+, Disney's new streaming service, which had nearly 60 million subscribers at the end of June, according to the company.

This is a developing story.

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