Saturday, October 16, 2021


November 9, 2012 by · Leave a Comment 

The Walt Disney Co. on Wednesday reported a 14-percent jump in quarterly profit but it came from two unexpected sources, theme parks and cable-TV fees. Everything else, including its film division, its ABC television network, and its ESPN cable sports channel, was either down or flat. The company was clearly hit by its inability to compete against rival NBC’s coverage of the Olympics during the quarter. Dollars from advertisers that it might ordinarily have received for its own programs were diverted instead to NBC. Its ratings also tumbled during the 16-day event. Film revenue was also down as the studio released fewer films during the quarter than it did in 2011 and as Brave, the anchor film of the summer, sold somewhat fewer tickets than Cars 2 did a year ago. Analysts said that while they regarded Disney’s results as solid, they nevertheless came in below their expectations. Disney shares were down 6 percent to $47.05 at midday trading on the NYSE.