Pursuits
Disney Sinks Lower as ESPN Profit Overshadows ‘Star Wars’
- Programming costs, subcriber losses, dollar hit sports network
- Studio, consumer units post gains from latest film release
Disney Tops Estimates as 'Star Wars' Boosts Film Division
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Walt Disney Co. shareholders overlooked a record quarter for sales and earnings and focused on flagging profits at ESPN sports network, a sign of how uneasy investors have become about the splintering of the cable-TV industry’s traditional business model.
Disney slumped 3.3 percent to $89.25 in extended trading Tuesday after fiscal first-quarter results were announced. The shares had already fallen 12 percent this year, part of a selloff in media stocks as investors fret over cable subscriber defections and competitive threats like Netflix and Hulu.