Disney media properties’ net profit decreased 8% to $590 million ...
Disney media properties’ net profit decreased 8% to $590 million in quarter ended Dec. 31 and company’s net loss related to its Internet Group increased 32% to $253 million, it said. Media revenue grew 6% to $2.9 billion and…
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Internet revenue 9%. Results included decline at ABC TV because of soft ad market, lower ratings and higher program costs, it said. Operating profit from cable networks edged up 3% to $324 million, although results were down at ESPN. Internet results included write-off of $182 million. Overall, Disney had net profit of $63 million in quarter, down from $278 million year ago, largely because of accounting changes that resulted in one-time charge of $278 million for quarter. Overall revenue rose to $7.3 billion from $6.8 billion.