Parks, 'Black Panther' propel Disney earnings past TV decline
Parks, 'Black Panther' propel Disney earnings past TV decline. Walt Disney's quarterly profit topped Wall Street forecasts on Tuesday as higher returns from its theme parks and film studio offset ongoing pressure on the television business from digital competition.
'Black Panther' propel Disney
The owner of ESPN, the Disney Channels and ABC is trying to transform itself into a leader in digital entertainment as younger viewers abandon traditional television packages for streaming platforms such as Netflix. Net income in the media networks unit, Disney’s largest division, fell 6% to $2.1B as ESPN continued to lose subscribers. Read more here.
Net income in the media networks unit, Disney’s largest division, fell 6 percent to $2.1 billion as ESPN continued to lose subscribers. The results also were hurt by investments in streaming technology company BAMTech, which was moved into the cable unit after Disney acquired a controlling stake to help its digital push.
Disney reported adjusted earnings per share of $1.84 from January through March, compared with the $1.70 per share that analysts expected, according to Thomson Reuters I/B/E/S.The theme park unit reported net income of $954 million, up 27 percent as attendance and guest spending rose. Disney raised some single-day admission prices in February.