Pursuits
Disney Sinks on Ad-Sales Disappointment at ABC, ESPN Nets
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Walt Disney Co. dropped the most in 15 months after reporting fiscal fourth-quarter sales that missed analysts’ estimates amid an ad-sales decline at the ABC network and weakening trends at cable-sports powerhouse ESPN.
The shares slid 6 percent to $47.06 at the close in New York following yesterday’s results. The drop, the greatest since August 2011, reduced Disney’s year-to-date gain to 25 percent. Sales at the world’s largest entertainment company rose 3.4 percent to $10.8 billion, trailing projections of $10.9 billion, the average of estimates compiled by Bloomberg.