Walt Disney said on Tuesday it would nearly double its capital expenditure for the parks business to about $60 billion over the next ten years.

The company's shares were down nearly 1% in premarket trading.

The parks business has become a reliable profit engine for the company and has helped cushion losses in the Disney+ streaming business, which is expected to become profitable only next year.

The parks, experiences and products unit generated $2.4 billion in operating income in the most recent quarter.

(Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Shailesh Kuber)