Television

Disney reports strong quarterly result; strikes deal with Amazon for Disney+

Media Networks revenues for the quarter increased 22 per cent to $6.5 billion

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MUMBAI: The Walt Disney Company reported its fourth quarter earnings when it’s nearing the launch of its Disney+ streaming platform. Moreover, Disney chairman and CEO Bob Iger said that the Mouse House has struck a distribution deal for its Disney+ streaming service with Amazon.com, and the service will be carried by Amazon's Fire TV.

"We've spent the last few years completely transforming The Walt Disney Company to focus the resources and immense creativity across the entire company on delivering an extraordinary direct-to-consumer experience, and we're excited for the launch of Disney+ on November 12," he added.

The company delivered a strong financial result compared to the previous quarterly report for its fourth quarter, with diluted earnings per share of $1.07 beating Wall Street analysts’ consensus forecast of 95 cents. Even, the total revenue reached $19.1 billion in the quarter exceeding the analysts’ estimate for $19.04 billion.

Media Networks revenues for the quarter increased 22 per cent to $6.5 billion, and segment operating income decreased 3 per cent to $1.8 billion. Cable Networks revenues for the quarter increased 20 per cent to $4.2 billion and operating income decreased $19 million to $1.3 billion. In addition to that, the company’s theme parks arm also experienced growth, with revenues for the quarter jumping 8 per cent to $6.7 billion, and segment operating income rising 17 per cent to $1.4 billion.

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