Disney reports Q3 Media Networks revenue $6.16B vs. $5.87B last year
Disney reports Q3 Parks and Resorts revenue $5.19B vs. $4.89B a year ago; Studio Entertainment revenue $2.88B vs. $2.39B last year; Consumer Products & Interactive Media revenue $1.0B vs. $1.09B last year. Media Networks revenues for the quarter increased 5% to $6.2B and segment operating income was comparable to the prior-year quarter at $1.8B. Cable Networks revenues for the quarter increased 2% to $4.2B and operating income decreased 5% to $1.4B. Lower operating income was due to a loss at BAMTech and a decrease at Freeform, partially offset by an increase at ESPN. Broadcasting revenues for the quarter increased 11% to $2.0B and operating income increased 43% to $361M. The increase in operating income was due to higher program sales, affiliate revenue growth and increased network advertising revenue, partially offset by higher programming costs.