)'s surprise profit in its streaming entertainment division was eclipsed by a drop in its traditional TV business and weaker box office, sending its shares down 6% before the bell on Tuesday.
But the combined streaming business with ESPN+ lost $18 million. The division had lost $659 million in the prior year. Iger, who came out of retirement to revamp Disney in November 2022, instituted cost cuts that are expected to reach at least $7.5 billion by the end of September. Because of costs to stream cricket, streaming entertainment will likely report a loss for the current quarter but swing back to a profit the following period, Johnston said.
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