ESPN Drags Down Disney's Earnings, But Iger Remains Bullish On Net

ESPN again "weighed down the earnings" of parent company Disney in its Q4 and FY report, as the net "continued to grapple with sweeping changes in the media business." The media networks unit had a "tough quarter," due in part to "lower advertising revenue at ESPN and higher programming costs." But Disney Chair & CEO Bob Iger said, "We've never lost our bullishness about ESPN. The brand is strong. The quality of their programming is strong. There are always opportunities to improve ... but we like where ESPN is these days." Iger added that Disney's upcoming sports streaming service "would be called ESPN Plus" (L.A. TIMES, 11/10).

Despite missing analyst expectations yesterday for Q4, Disney’s stock price is up 1.5% in pre-market trading (THE DAILY).