Growth at Walt Disney Co.’s television networks helped boost the company’s first-quarter earnings, reports Jon Lafayette at B&C.
Net income was $1.3 billion, or 68 cents a share, up 54% from $844 million, or 44 cents a share, a year earlier, the story notes.
Disney’s Media Networks group reported a 47% jump in operating income, which reached $1.1 billion, while revenue rose 11% to $4.6 billion. Income rose 64% for broadcasting and 42% for cable networks, with broadcasting seeing a 4% rise in sales and cable networks reporting a 16% jump in revenue, the story says.
Growth at ESPN and the Disney Channel helped, with ESPN ad sales rising 34% in the quarter. Disney Chief Executive Bob Iger said the sports marketplace has been so strong that ESPN has added commercial inventory to its shows.