Disney Operating Income Up 20% In FY Q1 Thanks To Growth At ESPN
Disney's media networks group, which includes ESPN, posted operating income of $1.5B for its fiscal Q1, an increase of 20%, according to Daniel Miller of the L.A. TIMES. The company "attributed the improvement partly to growth at ESPN, which experienced increased affiliate and advertising revenues" (L.A. TIMES, 2/6). In N.Y., Brooks Barnes notes Disney yesterday reported a 33% "increase in quarterly profit." A 10% uptick in ad sales at ESPN contributed to the increase in operating income (N.Y. TIMES, 2/6). At presstime, shares of Disney were trading at $75.41 per share, up 5.0% from the close of trading yesterday (THE DAILY).
LOOKING TO REBOUND: In L.A., Joe Flint noted it was a "tougher quarter" for the Turner Broadcasting division at Time Warner, which is home to cable networks such as TBS, TNT, truTV and CNN. Revenue for Turner was up 3% to $2.5B, as ad sales "were virtually flat compared to the same period a year ago" (LATIMES.com, 2/5). At presstime, shares of Time Warner were trading at $63.19 per share, up 0.2% from the close of trading yesterday (THE DAILY).