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Disney Q3 rev up 7% at $10.64 bn

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MUMBAI: US media conglomerate Disney has reported a seven per cent jump in fiscal third-quarter revenue to $10.64 billion.
Net income was by 11 per cent to $1.4 billion, while free cash flow was down by 20 per cent to $1.1 billion.
Disney president, CEO Robert A Iger said, "Our third quarter demonstrates the continued strength of our Media Networks, including ESPN, Parks and Resorts and Consumer Products. In these turbulent times, our company and its array of strong brands are well-positioned to deliver long-term shareholder value."

Operating income at Cable Networks increased $168 million to $1.8 billion for the quarter due to growth at ESPN and, to a lesser extent, higher equity income and an increase at the worldwide Disney Channels. These increases were partially offset by a decrease at ABC Family.The increase at ESPN reflected higher affiliate revenue driven by higher contractual rates and lower programming and production costs, partially offset by higher labour and marketing and sales costs.
Recognition of previously deferred revenue at ESPN was comparable to the prior-year period as ESPN achieved the same levels of programming commitments in the current quarter as in the prior-year quarter.
Ad revenue at ESPN was essentially flat as higher rates were offset by the absence of the Fifa World Cup and game seven of the NBA finals and lower ratings. Lower programming and production costs reflected the absence of programming costs for the Fifa World Cup.
Additionally, ESPN benefited from a decrease in the cost of time for ESPN programming aired on ABC. Increased equity income reflected decreased cricket programming costs at ESPN Star Sports joint venture due to fewer cricket matches aired in the current quarter and also decreased losses from UTV investment.


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