Remember ESPN's deal with Penn to launch ESPN Bet from yesterday? Well today Disney said that it sold its stake in DraftKings, netting it about a $90M gain.
As Iger noted, losses in the company’s direct-to-consumer business continued to improve, hitting $512 million, compared to $1.1 billion a year ago, and $659 million last quarter.
It was a mixed bag when it came to meeting Wall Street estimates, with the company beating on earnings per share and income, but missing on revenue. Disney reported total revenue of $22.3 billion, up 4 percent from a year ago, with operating income of $3.6 billion, in line with last year. During the company’s quarterly earnings call, Iger said that he expects three areas to be growth drivers for Disney moving forward: It’s film studios, theme parks, and streaming, “all of which are inextricably linked to our brands and franchises.”
Among Disney’s divisions, its linear TV business continues to be profitable but on the decline, with revenues falling 7 percent to $6.7 billion and operating income slipping by 23 percent to $1.9 billion. Lower viewership and advertising revenue at ABC were a problem, as were higher sports costs at ESPN, offset by higher ad-revenue at the cable sports powerhouse.
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