From CNBC: 2024-05-07 08:50:53

Disney CEO Bob Iger attended the Nominees Luncheon for the 95th Oscars. Disney’s streaming units almost turned a profit in the second quarter, losing only $18 million, a vast improvement from $659 million last year. Disney’s linear TV results were poor, leading to the launch of new streaming services like ESPN. Linear network revenue fell 8%, causing a 22% drop in operating income. Disney shares fell 5% in premarket trading.

Traditional TV is declining rapidly as Disney focuses on streaming profitability. Disney expects streaming to become profitable in the fourth quarter and drive future growth. The company’s success will depend on how well it executes its streaming plans in the coming years, and on the future successor to CEO Bob Iger. Comcast’s NBCUniversal is the parent company of CNBC.



Read more at CNBC: Disney streaming results improve as cable TV decays