Mouse takes hit on advertising revenue.
Written on July 31st, 2009 by SicolaMartin
Written on July 31st, 2009 by SicolaMartin
Disney
Walt Disney Co., the world’s biggest media company, said third-quarter profit fell 26 percent as the recession cut advertising and theme-park sales. The film studio registered a loss.
Net income dropped to $954 million, or 51 cents a share, from $1.28 billion, or 66 cents, a year earlier, Burbank, California-based Disney said today in a statement. Sales declined 6.9 percent to $8.6 billion in the quarter ended June 27, missing the $8.81 billion average of 17 analysts’ estimates.
ABC’s profit fell 34 percent to $204 million as sales declined 4 percent to $1.4 billion. Advertising sales at the 10 company-owned stations dropped about 30 percent in the period, Wang estimated. Program costs were higher, he said.
This is to be expected during the worst recession in decades. What’s somewhat unexpected is that ad revenue is up at SI for Kids.
Go figure.
