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Disney Buys BAMTech To Launch ESPN-Branded And Disney-Branded Streaming Services
09 Agosto 2017, 06:48 | Fidele Alvizo
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Disney also announced that it would end its agreement to release new movies for streaming on Netflix, starting with 2019 titles.
ESPN will be a focus again when Disney reports earnings Tuesday afternoon for its fiscal third quarter, which is a traditionally weak period for the media industry due to seasonal impacts.
The start dates are for the U.S., but Mr Iger said Disney expects to pursue similar moves in other markets around the world.
Iger told CNBC that Disney had chose to exercise a clause in its contract with Netflix that will see its output removed from the streaming service. Over the past 2 quarters, The Walt Disney Company (NYSE:DIS) is down -2.94%, compared with a fall of almost -4.55% for 3 months and about 2.93% for the past 30 days. The former will kick things off with Disney's 2019 slate of films, which includes Toy Story 4, the sequel to Frozen, and the live-action The Lion King, along with other movies and TV shows. It's bad news for all of our wallets, but great news for major companies who are sick of Netflix having all the fun. In 2012, the streaming service and entertainment company secured a streaming deal with Disney, but the deal only went into effect in 2016. Disney already owns a stake in the company, but will throw another $1.58 billion its way to land an additional 42 percent, T.H.R. notes. Originally launched in 2000, the MLB's interactive media and Internet company was created to run the league's team websites. The service was started by Major League Baseball, which remains a minority owner along with the National Hockey League. In the same quarter of previous year, Disney announced a $1 billion stake in the streaming service.
These moves into digital distribution and online technology will give Disney more flexibility and increased control over its own future, Iger said.
BMO Capital Markets has a Sell rating with a $95 price target. "It is high time we got in the business, particularly with the technology available to us, to accomplish that".
The Walt Disney Company (NYSE:DIS) stock shows moves down of -1.46% and traded at a price of $107.53 in preceding trading session.
Disney is struggling to increase its revenues, as ratings and cable subscriptions fall and it looks for box office hits that can beat its success a year ago. The company had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $13.44 billion. Estimize contributors on average expect revenue to come in at $14.54 billion.
Several other hedge funds have also modified their holdings of DIS. Norges Bank bought a new position in Walt Disney Company (The) during the fourth quarter worth approximately $1,507,183,000.
Parks and Resorts revenues for the quarter jumped 12% to $4.9 billion, and segment operating income in that unit surged 18% to $1.168 billion. For now, DIS is the toast of Wall Street as its ABR stands at 2.40 with 6 out of 31 analysts rating the stock a buy.
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