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ESPN HELPS WALT DISNEY CO. TO PROFITABLE QUARTER
Published January 28, 1998
Walt Disney reported net income of $755M, or $1.10 a share, on revenue of $6.34B for the quarter ended December 31, '97, according to Bruce Orwall of the WALL STREET JOURNAL. That compares with the net income of $749M, or $1.09 per share, in '96, which included the $135M sale of L.A. TV station KCAL. Orwall reports that Disney "showed gains across the board" (WALL STREET JOURNAL, 1/28). In N.Y., Phyllis Furman adds that Disney's ESPN and the Disney Channel "helped pump up profits" 7.7% to $505M, while ABC TV "barely eked out a dime." PaineWebber's Christopher Dixon: "ESPN and Disney's other cable investments more than offset weakness at ABC" (N.Y. DAILY NEWS, 1/28).