The Walt Disney Co. on Monday said it will take a $68 million charge on its investment in Delta Air Lines now that the airline has filed for Chapter 11 bankruptcy protection.
This is the media company's second announcement in two weeks of expected upcoming financial losses. Earlier this month, Disney said disappointing box office numbers and weak home video sales would likely cause an up to $300 million loss for its movie division during the fourth quarter, according to media reports.
Disney's investement in Delta (NYSE: DAL), which filed for bankruptcy on Sept. 14, includes $100 million in airplane leases. The company did not say in which quarter it expects to record the $68 million charge.