Disney’s surprise streaming entertainment profit offset by weaker TV business

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Like other media companies, Disney has been trying to adapt to consumer migration from cable television to streaming entertainment

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 per cent before the bell on Tuesday.

The direct-to-consumer entertainment division, which includes the Disney+ and Hulu streaming services, reported operating income of $47-million for the January-March period, compared with a loss of $587-million a year earlier. “Our strong performance this past quarter demonstrates we have turned the corner and entered a new era for our company,” Chief Executive Bob Iger, who defeated board challenges from activist investors last month, said.

He also unveiled a 10-year, $60-billion investment in theme parks and announced plans for a stand-alone ESPN streaming app, among other efforts. 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.

The company’s experiences division, which includes the Disney theme parks around the world, reported operating income of $2.3-billion, a 12 per cent increase from a year ago.

 

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