Disney (DIS) Tops Q3 EPS by 3c, to Launch ESPN and Disney Direct Streaming Services
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Disney (NYSE: DIS) reported Q3 EPS of $1.58, $0.03 better than the analyst estimate of $1.55. Revenue for the quarter came in at $14.24 billion versus the consensus estimate of $14.42 billion.
Separately, the company agreed to acquire majority ownership of BAMTech, LLC and will launch its ESPN-branded multi-sport video streaming service in early 2018, followed by a new Disney-branded direct-to-consumer streaming service in 2019. With this strategic shift, Disney will end its distribution agreement with Netflix for subscription streaming of new releases, beginning with the 2019 calendar year theatrical slate.
“Today we announced a strategic shift in the way we distribute our content. The media landscape is increasingly defined by direct relationships between content creators and consumers, and our control of BAMTech’s full array of innovative technology will give us the power to forge those connections, along with the flexibility to quickly adapt to shifts in the market,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. “This acquisition and the launch of our direct-to-consumer services mark an entirely new growth strategy for the Company, one that takes advantage of the incredible opportunity that changing technology provides us to leverage the strength of our great brands.”
“Our results for the quarter reflect the underlying strength of our brands and franchises, and our continued investment in high-quality content. Our ability to successfully execute on our core strategy, coupled with our plans for new direct-to-consumer offerings, give us continued confidence in our ability to drive shareholder value,” said Christine M. McCarthy, Senior Executive Vice President and Chief Financial Officer, The Walt Disney Company.
For earnings history and earnings-related data on Disney (DIS) click here.
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