The Walt Disney Co.’s cable and TV operations helped boost revenues 9% in the quarter ended Dec. 31. That boost helped the media giant beat Wall Street expectations even as profits dropped 25% year-to-year for the quarter.
Disney reported net income for the fiscal first quarter of $1.25 billion, or 63 cents per share, compared with $1.70 billion, or 79 cents per share, in the comparable 2006 quarter. In the year-ago quarter, Disney reported gains that included the sales of its stakes in US Weekly and E! Entertainment and discontinued radio operations.
Revenue grew to $10.45 billion from $9.58 billion in the year-ago quarter. Revenue at its media networks unit, which includes ESPN, jumped 10% to $4.17 billion.
The ABC network and ABC-owned TV stations’ revenues rose 6% to $1.76 billion.
Disney President-CEO Bob Iger echoed other entertainment company executives who have said recently that the 3-month-old writers strike did not have a “significant impact” on his company last quarter and that the ad market remains strong.
Mr. Iger also said ABC is “guaranteed” to cut the number of pilots it makes this year, a cost-cutting measure that also may lead to changes in the high-cost upfront presentation the network makes to advertisers each May.
TV Operations Brighten Disney’s Quarter
Feb 6, 2008 • Post A Comment
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