ABC Drags Disney Q4 Earnings
Walt Disney Co. reports 6% increase in fiscal fourth quarter revenue, but broadcast ad slowdown offsets cable growth
By Mike Farrell -- Multichannel News -- Broadcasting & Cable, 11/6/2008 9:41:00 PM
Revenue was up 6% at The Walt Disney Co. for the fiscal fourth quarter but operating income, dragged down by sluggish performance at its broadcast network and movie studio, fell 4% despite strong growth at its cable operations.
Revenue at its Media Networks division—which includes the ABC broadcast network as well as cable operations ABC Family, ESPN and the Disney Channel—rose 4% to $4.2 billion in the period. But operating income at the media division was flat at $1.1 billion. And a closer look at the media division showed that while revenue growth at its cable networks was similar to broadcast—5% versus 4%—cable vastly outperformed broadcast in operating income. The cable segment reported an 11% increase in operating income during the period to $1.2 billion, while broadcast reported an operating loss of $150 million in the period.
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