Disney Takes $1B Hit For Ending License Offers To Ship Content material To Streaming; Quarterly Gross sales Up, Revenue Falls

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Walt Disney beat on streaming subs however its financials missed the mark on account of a hefty $1 billion it mentioned it “owned a buyer to early terminate license agreements for movie and tv content material delivered in earlier years to ensure that the Firm to make use of the content material totally on our direct-to-consumer companies”

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Income of $19.2 billion was up 23% from a yr in the past bit beneath Wall Avenue’s forecast. Ditto for revenue, which fell 48% to $470 million.

It’s earnings announcement didn’t elaborate on the content material. Execs are set to carry a convention name shortly at 4:30 pm ET.

The Bob Chapek-led firm divides its companies in two big segments, media/leisure and parks. Disney Media and Leisure Distribution (DMED) – with linear networks (home and worldwide), streaming and content material gross sales/licensing, which that wraps in studios.

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