Disney is feeling some pain from its biggest
transformation in decades as its acquisition of
Fox’s entertainment businesses contributed to a
39% drop in earnings.
CEO Bob Iger said one of the biggest issues
affecting earnings was underperformance at
the Fox movie and TV studio. Tuesday’s results,
the first complete quarter with Fox’s businesses
included, missed Wall Street’s expectations.
Disney’s shares fell 3% in aftermarket trading.
The Fox studio was “well below where we hoped
it would be when we made the acquisition,” Iger
said during a conference call with analysts.
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