MUMBAI: The Walt Disney Company?s net profit for the third quarter ended 30 June rose 24 per cent to $1.83 billion over the year ago period on the back of success of films like The Avengers and Brave.

Total revenues during the quarter stood at $11.08 billion registering a growth of 4 per cent over the corresponding fiscal?s $10.67 billion. The media conglomerate?s operating income grew 18 per cent to $3.23 million from $2.73 billion in the same quarter of previous fiscal.

"We had a phenomenal third quarter, delivering the largest quarterly earnings in the history of our company.Earnings per share were up 31 per cent over last year, driven by growth in every one of our businesses," said The Walt Disney Company Chairman and CEO Robert A. Iger.

Media Networks revenues for the quarter increased 3 per cent to $5.1 billion and segment operating income increased 2 per cent to $2.1 billion. Operating income at Cable Networks increased $14 million to $1.9 billion for the quarter due to growth at the domestic Disney Channels and ABC Family, partially offset by a decrease at ESPN.

Higher operating income at the domestic Disney Channels was due to increased affiliate revenue from contractual rate increases, while the increase at ABC Family reflected lower marketing and sales costs due to fewer series premieres. The decrease at ESPN was driven by lower recognition of deferred affiliate fees related to annual programming commitments.

However, the benefits of contractual rate increases and subscriber growth on affiliate fees along with higher advertising revenue more than offset increased programming and production costs at ESPN.

Broadcasting vertical?s operating income increased $18 million to $268 million due to higher affiliate and royalty revenue and lower programming and production costs, partially offset by lower Network advertising revenues. Advertising revenues at the Network decreased modestly as lower ratings were partially offset by higher rates.

Parks and Resorts Parks and Resorts revenues for the quarter increased 9 per cent to $3.4 billion and segment operating income increased 21 per cent to $630 million. Results for the quarter were driven by increases at Tokyo Disney Resort, Disney Cruise Line and the domestic parks and resorts.

Studio Entertainment Studio Entertainment revenues were essentially flat at $1.6 billion and segment operating income increased $264 million to $313 million. Higher operating income was primarily due to increases in worldwide theatrical results and worldwide television distribution, partially offset by a decrease in worldwide home entertainment.

Higher worldwide theatrical results reflected the performance of the current quarter releases including Marvel?s The Avengers and Brave compared to Pirates of the Caribbean: On Stranger Tides and Cars 2 in the prior-year quarter. The increase in worldwide television was driven by higher sales in international markets due to stronger performing titles available in the current quarter.

The decrease in worldwide home entertainment was primarily due to a decline in unit sales in the current quarter. Significant current quarter titles included John Carter and The Muppets while the prior-year quarter included Tron: Legacy, Tangled and Gnomeo & Juliet.

Consumer Products Consumer Products revenues increased 8 per cent to $742 million and segment operating income increased 35 per cent to $209 million. Higher operating income was primarily due to increases at Merchandise Licensing and at our retail business. Interactive revenue for the quarter decreased 22 per cent to $196 million and segment operating results improved from a loss of $86 million in the prior-year quarter to a loss of $42 million in the current quarter. Operating results were driven by improved performance from our games and online businesses.

MUMBAI: The Walt Disney Company has posted quarterly net income of $1.14 billion for the second quarter ended 31 March, a 21 per cent increase from a profit of $942 million in the year-ago period.

The disastrous performance of ?John Carter? notwithstanding, the company?s revenue for the quarter rose to $9.6 billion, a six per cent increase compared with the same quarter last year, on the back of The Avengers, which shattered domestic box office records with a $207.1 million opening weekend for a global performance of more than $702 million to date.

"With 18 per cent adjusted growth in earnings per share, we?re pleased with our second quarter performance. We?re incredibly optimistic about our future, given the strength of our core brands, Disney, Pixar, Marvel, ESPN, and ABC, and our extraordinary ability to grow franchises across our businesses, such as The Avengers, which shattered domestic box office records with a $207.1 million opening weekend for a global performance of more than $702 million to date,? said Disney Chairman and CEO Robert A. I

Media Networks

The media networks revenues for the quarter increased nine per cent to $4.7 billion and segment operating income increased 13 per cent to $1.7 billion.

Cable Networks

Operating income at cable networks increased $143 million to $1.5 billion for the quarter due to growth at ESPN and, to a lesser extent, at the domestic Disney Channels.

The increase at ESPN was driven by higher affiliate and advertising revenue, partially offset by higher programming and production costs. The increase in affiliate revenue was due to contractual rate increases and a reduction in revenue deferrals related to annual program commitments. During the quarter, ESPN deferred $190 million of revenue compared to $262 million in the prior year quarter.

The decrease was due to a change in the provisions related to annual programming commitments in an affiliate contract. Advertising revenue growth was due to higher rates and a shift in the timing of Rose Bowl, Fiesta Bowl and NBA games relative to the fiscal period end. Higher programming and production costs were driven by the shift in the timing of college bowl and NBA games and higher contractual rates for college basketball programming.

Higher operating income at the domestic Disney Channels was primarily due to increased affiliate revenue from contractual rate increases and higher sales of Disney Channel programs.

Operating income at broadcasting business increased $62 million to $229 million due to lower programming and production costs and higher advertising revenue. Lower programming and production costs were due to the absence of costs for The Oprah Winfrey.

Higher advertising revenues were due to increased primetime rates at the ABC Television Network, partially offset by a decrease at the owned television stations.

Parks and Resorts

Parks and Resorts revenues for the quarter increased 10 per cent to $2.9 billion and segment operating income increased 53 per cent to $222 million. Results for the quarter were driven by increases at domestic parks and resorts, Tokyo Disney Resort and Hong Kong Disneyland Resort, partially offset by a decrease at Disneyland Paris.

Higher operating income at domestic parks and resorts was driven by increased guest spending and attendance, partially offset by increased costs. Increased guest spending reflected higher average ticket prices, daily hotel room rates and food, beverage and merchandise spending. Higher costs were driven by labour cost inflation, resort expansion and new guest offerings, volume-related cost increases, and increased investments in systems infrastructure.

The increase at Tokyo Disney Resort reflected the loss of income in the prior-year quarter from the March 2011 earthquake and tsunami in Japan, which resulted in a temporary suspension of operations, and the collection of related business interruption insurance proceeds in the current-year quarter. The increase at Hong Kong Disneyland Resort was due to higher guest spending and attendance. The decrease at Disneyland Paris was due to lower attendance and labour cost inflation.

Studio Entertainment

Studio Entertainment revenues decreased 12 per cent to $1.2 billion and segment operating income decreased $161 million to a loss of $84 million.

The decline in operating income was primarily due to lower worldwide theatrical results reflecting the performance of John Carter in the current quarter along with the related film cost write-down. Other titles in the current quarter include The Muppets and Beauty and the Beast 3D while the prior year included Tangled, Tron: Legacy and Mars Needs Moms.

Consumer Products

Consumer Products revenues increased 8 per cent to $679 million and segment operating income increased 4 per cent to $148 million. Higher operating income was primarily due to an increase at Merchandise Licensing, partially offset by lower results at the retail business.

The increase at Merchandise Licensing was primarily due to higher minimum guarantee shortfall recognition in the current quarter and earned revenue growth driven by the performance of Minnie, Mickey, The Avengers and Princess merchandise.

The decrease at the retail business was due to a decline in our North American business driven by decreased margins due to higher promotions.

Interactive Media

Interactive Media revenues for the quarter increased 13 per cent to $179 million and segment operating results improved by $45 million to a loss of $70 million. Operating results were driven by an increase at the games business, reflecting improved results from social and console games.

Social game results were driven by lower acquisition accounting impacts which had a higher adverse impact on the prior-year quarter and improved title performance in the current quarter.

Improved console game results were primarily due to lower product development costs, partially offset by a decline in console game sales, which reflected fewer titles in release in the current year. Lower product development costs reflected the ongoing shift from console games to social and other interactive platforms.

Other Income

On February 2, 2012 the Company increased its percentage ownership in UTV Software Communications Limited (UTV) from 50 per cent to 93 per cent through a delisting process governed by Indian law. In connection with the acquisition, the company recorded a $184 million non-cash gain to adjust the book value of its existing interest in UTV to the estimated fair value.

MUMBAI: Comcast Corp. owned NBCUniversal will sell a substantial portion of its stake in A&E Television Networks to joint venture partners, according to the company?s filing with Securities and Exchange Commission last week.

Comcast expects the deal, which is believed to be worth about $2 billion, to close in the second half of 2012. The company owns almost 15.8 percent in A&E, which it acquired through its acquisition of NBCU from GE Electric.

Earlier, NBCU had brought down its ownership from the initial 25 per cent it held as of late 2009.

A&E Networks, a joint venture of Disney-ABC Television Group, Hearst Corp and Comcast?s NBCU, comprises channels such as A&E Network, Lifetime, History, LMN, BIO, H2, Crime & Investigation Network, Military History, and Lifetime Real Women.

The Walt Disney Company along with Hearst Corporation are the majority shareholders in A&E with 42.1 per cent and 42.2 per cent stake respectively.

MUMBAI: The Walt Disney Company in China has formed alliance with the Ministry of Culture?s China Animation Group, and Tencent, China?s largest Internet service provider, to launch ?The National Animation Creative Research and Development Cooperation? in order to advance the country?s animation industry.

The organisation, announced at a signing ceremony in Beijing Tuesday, will serve as an incubator to train local talent and develop original content that will entertain audiences in China and worldwide.

?The National Animation Creative Research and Development initiative is focused on nurturing local talent and recognises the importance of developing original local animation content,? said Walt Disney International chairman Andy Bird.

?Disney?s involvement builds on our expertise and long term commitment to nurture the local original animation industry. As founding partner we look forward to working with this new creative partnership in creating content for the Chinese and international marketplace,? he added.

Bird was joined at the ceremony by Liang Gang, Chairman of the Board for China Animation Group, Ren Yuxin, a senior executive of Tencent, and Gao Zheng, deputy director general, Cultural Industry Department for the Ministry of Culture.

As part of the initiative, Disney will work with the China Animation Group and Tencent to foster local content across mediums, including television, motion pictures and digital platforms, for distribution in China and internationally. Tencent, one of China?s largest Internet service portals, will provide online marketing support.

NEW DELHI: The Government has approved the proposal by the Walt Disney Company (Southeast Asia) Pte Ltd, Singapore, for increasing its shareholding on fully diluted basis to 100 per cent of UTV Software Communications.

The Cabinet Committee on Economic Affairs approved the proposal following the recommendation of the Foreign Investment Promotion Board (FIPB) in its meeting on 15 November.

Disney, which holds 50.44 per cent in UTV, will infuse around Rs 20.13 billion for acquiring the remaining stake in the Indian media conglomerate.

UTV Software had announced on 26 July that Walt Disney had offered to buy out stakes held by public shareholders and other promoters of the company.

It had been announced that subsequent to the buyout of the public shareholders, the company will be delisted from both the Bombay Stock Exchange and the National Stock Exchange. "The delisting proposal entails an offer to acquire all outstanding equity shares held by public shareholders in the company," UTV said in a filing to the Bombay Stock Exchange.

Upon the completion of the transactions, Rohinton Screwvala shall cease to be an employee of the company and instead be employed by The Walt Disney Company India as its managing director.

UTV operates in five verticals - broadcasting, games, motion pictures, digital content and television content.