Disney Sales Fall as ESPN Troubles Drag Down Cable TV Profit
- Higher program costs, lower ad sales hobble sports channel
- Challenges at network overshadow solid theme-park results
Disney's 1st-Qtr Earnings Prove to Be a Mixed Bag
This article is for subscribers only.
Walt Disney Co.’s struggles with ESPN took center stage again Tuesday as the entertainment giant blamed falling viewership and advertising for lower sales and profit.
Revenue at the Burbank, California-based company shrank 3 percent to $14.8 billion in the first quarter ended Dec. 31, Disney said Tuesday in a statement. That missed the $15.3 billion average of analysts’ estimates compiled by Bloomberg.