Disney Profits Tumble

Disney Profits Tumble

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Disney’s profits plummeted by over 50 percent in its first full quarter after its $71.3 billion acquisition of Fox. As the New York Times reports, the weak results are down to “escalating streaming-service losses, underperforming 21st Century Fox assets and lower-than-expected theme park attendance.”

The company reported a profit of $1.44 billion, a 51 percent decline from the comparable period a year earlier. It lost money, among other things, on the flop of Fox Studios superhero movie “Dark Phoenix” which cost an estimated $350 million to make and market but made just $252 million at the box office.

Disney does have a plan, however, for competing with rival Netflix: it announced it will be aggressively bundling its new streaming services—Disney+, ESPN+ and Hulu—at $12.99 a month, a near 30 percent discount on their individual subscription prices.

Source: Adage

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