The Associated Press (AP) – At Disney, content is king.
The media conglomerate’s studio entertainment, including popular films such as the animated “Finding Dory,” ”The Jungle Book” and the Marvel saga “Captain America: A Civil War” helped boost the company’s third-quarter profit above expectations, although The Walt Disney Co.’s cable and broadcast channels such as ESPN and ABC remain weak.
The company will also spend $1 billion for a 33 percent stake in the Major League Baseball video streaming service BAMTech.
Net income rose 5 percent to $2.6 billion, or $1.62 per share, excluding one-time items. Revenue rose 9 percent to $14.28 billion, including a 40 percent jump in studio revenue, also beating expectations.