The Walt Disney Company (NYSE: DIS) announced on Thursday it has indefinitely postponed the release of its highly-anticipated action drama "Mulan." The Liu Yifei starrer was slated for release on August 21.

What Happened

The launch of the next "Avatar" and "Star Wars" movies have also been delayed by about a year each to December 2022 and December 2023, respectively.

"Over the last few months, it's become clear that nothing can be set in stone when it comes to how we release films during this global health crisis," a Disney spokesperson said in a statement, as earlier reported by CNBC.

Avatar filmmaker James Cameron noted in a separate statement that "Prior to the COVID-19 [pandemic], everything was on track to bring you the first sequel in December of 2021."

"There is no one more disappointed about this delay than me," Cameron added.

Why It Matters

The delay comes as the coronavirus outbreak continues to worsen in the United States, casting doubts on the ability of theaters to rake in visitors, even if the movies are released.

AMC Entertainment Holdings Inc. (NYSE: AMC) earlier on Thursday said it was delaying the reopening of its theaters in the country to mid-August at least.

The company's decision came at a time when AT&T Inc. (NYSE: T) subsidiary Warner Bros. also indefinitely postponed its spy thriller "Tenet."

AT&T CEO John Stankey, during an earnings call this week, assured that Tenet wouldn't skip a theatrical release, CNBC reported.

Disney earlier this month launched hit musical "Hamilton" ahead of schedule at its streaming video-on-demand service Disney+, skipping a release in the theaters.

Price Action

Disney shares traded 0.8% lower at $117.15 in the after-hours session Thursday. The shares had closed the regular session 0.7% lower.

Photo credit: The Walt Disney Company