Disney’s Profit Stalls as ‘Lone Ranger’ Costs Hurt Film Unit
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Walt Disney Co., the world’s largest entertainment company, said costs to market the box-office disappointment “The Lone Ranger” and shrinking revenue at ABC television network held back third-quarter profit.
Net income was little changed at $1.85 billion, or $1.01 a share, compared with $1.83 billion, or $1.01, a year earlier, Burbank, California-based Disney said yesterday in a statement. Profit came to $1.03 a share excluding items, compared with the $1.01 average of 30 analysts’ estimates compiled by Bloomberg.