Walmart may break into streaming market in potential deal with Disney, Paramount and Comcast
The Walmart+ membership currently only offers free shipping and cheaper gas
Walmart may break into the streaming market in a deal with Disney, Paramount, or Comcast, according to a new report.
Walmart has held high-level talks with the three companies in recent days, and it is considering a streaming asset for its membership program, according to the New York Times, citing people familiar with the matter. The Walmart+ membership currently features free shipping on orders, discounts on fuel and a six-month Spotify membership, all for $12.95 per month.
Walmart declined to comment on speculation.
News of the potential move comes less than a week after Walmart announced a corporate layoff due to low profit forecasts.
"We’re updating our structure and evolving select roles to provide clarity and better position the company for a strong future," a company spokesperson told FOX Business in a statement last week.
OHIO MAN DITCHES TEACHING JOB IN FAVOR OF HIGHER PAY AT WALMART: ‘NOT USING MY DEGREE’
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 59.09 | -1.04 | -1.73% |
| DIS | THE WALT DISNEY CO. | 113.75 | +1.76 | +1.57% |
| PARA | PARAMOUNT GLOBAL | 12.74 | +0.36 | +2.91% |
| CMCSA | COMCAST CORP. | 40.36 | -0.21 | -0.52% |
FED OFFICIALS SIGNAL MORE INTEREST RATE HIKES TO COME, DESPITE GROWING RECESSION RISKS
"At the same time, we’re further investing in key areas like eCommerce, technology, health & wellness, supply chain and advertising sales and creating new roles to support our growing number of services for our customers, suppliers and the business community," the spokesperson added.
The layoffs are expected to affect some 200 corporate employees.
Shoppers enter a Walmart store.
Walmart lowered its second-quarter and full-year profit forecasts in late July. The company blamed the slump on inflation and high gas prices, which it said forced shoppers to spend their cash on necessities.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress clearing hard-line categories, apparel in Walmart U.S. is requiring more markdown dollars," Walmart president and CEO Doug McMillon said in a statement at the time.