Disney’s big theme park spending cuts are a smart move, says analyst. Here's why.

The Walt Disney Co., one of the world's most successful theme park operators, needs to reduce its spending due to the negative economic impacts of the Covid-19 pandemic. The Burbank, California-based media giant, which owns and operates Walt Disney World Resort in Orlando, scaled back capital expenditures this year by $700 million, said company executives during an Aug. 4 earnings call for its fiscal third quarter ending June 27. Those primarily appear to be reductions in expected expenditures in…