Disney Dogged by ESPN Woes, With Fewer Viewers and Higher Costs
- Revenue for quarter is slightly below analysts’ projections
- Sports network’s ad sales fall, excluding extra college games
Disney's Iger on Earnings, Shanghai Expansion and ESPN
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Walt Disney Co. failed to assuage investor concern about its cable division, saying profit in the business slumped last quarter as ESPN continued to lose subscribers and spend more to televise games.
Sales in the cable division totaled $4.06 billion, trailing the $4.2 billion average of analysts’ estimates. The unit’s profit slid 3 percent, the company said, a reflection of higher expenses for NBA games and college football. Disney shares fell in late trading.