All the magic in the Magic Kingdom couldn’t keep the Walt Disney Co. from taking a hit as a result of the global economic downturn, as evidenced by Disney’s latest quarterly report.

The New York Times:

Even as the weakening economy was hammering rival media conglomerates over the last year, the Walt Disney Company reported surprisingly robust results across its theme parks, consumer products and television networks. Disney shares have fallen about 33 percent since May — a sharp drop, but one that looks almost respectable considering that shares in companies like CBS have plummeted more like 70 percent.

But Disney on Thursday reported a 13 percent decline in quarterly earnings on weakness in nearly every part of its empire. Movie earnings in the company’s fiscal fourth quarter, ended Sept. 27, plunged 42 percent because movies like “Swing Vote” and “Miracle at St. Anna” were virtually ignored at the box office. Advertising declines hurt two Disney properties, ABC and ESPN, leading to a 4 percent drop in income at the media networks unit.

Read more

Wait, before you go…

If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface.  We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.

Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.

Support Truthdig
In this Article:
#disney#economy#mickey mouse