Disney Down For Third Quarter

Q3

THE WALT DISNEY COMPANY third-quarter overall revenues dipped 3% to $12.8 billion, with net income down 1% to $1.7 billion (but up 3% on a per-share basis to $1.13 per diluted share; that figure drops to $1.07 excluding some items affecting comparability). 

Media Networks revenues were also down 3% to $5.5 billion.  The drop was blamed on increased sports rights fees, lower ad revenue, and losses from the company's investments in BAMTech and HULU.  Cable network revenue was flat at $3.95 billion, attributed to a drop at FREEFORM (ESPN income was flat as rights fee increases were offset by higher affiliate revenue despite another decline in subscribers) and broadcasting was down 11% to $1.5 billion. 

The company does not separately disclose the financial results for its radio properties, ESPN RADIO/ESPN AUDIO and RADIO DISNEY/RADIO DISNEY COUNTRY.

“No other entertainment company is better equipped to navigate the ever-evolving media landscape, thanks to our unparalleled collection of brands and franchises and our ability to leverage IP across our entire company,” said Chairman/CEO BOB IGER. “We look forward to launching our first direct-to-consumer streaming service in the new year, and we will continue to invest for the future and take the smart risks required to deliver shareholder value.”

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