The Disney-Fox deal comes as tech giants like Netflix and Amazon engage traditional medias in an increasingly competitive spending race on content. CNBC reported Monday that fear of being outspent was one of the main reasons Rupert Murdoch made a decision to sell those Fox assets. The House of Mouse is set to assimilate $52 billion of Twenty-First Century Fox's assets.
Despite Hurricane Matthew, Disney's parks and resorts reported a revenue increase of 13 percent, which is roughly $5.2 billion, for the first fiscal quarter.
Speaking on Disney's Q1 2018 Earnings Call, Iger said the ESPN DTC business would feature a completely re-conceived and redesigned ESPN app which would deliver important new services and experiences to users.
BAMTech, which Disney has invested billions of dollars in, and runs streaming for HBO, MLB, WWE (WWE - Free Report), will power this new service. Iger's decision to pull the company's programs from Netflix by the end of this year also means it'll forfeit licensing revenue. Disney said the adjusted EPS accounted for a one-time benefit of $1.6 billion tied to the recent passage of tax reform. More people visited Disney's parks in the United States and spent more money while they were there.
"The changes will be dramatic, with more compelling visuals, as well as an easy, intuitive interface and exceptional video and sound quality", said Disney CEO Bob Iger in an earnings call. Beyond existing IP, Disney announced on Tuesday that Game of Thrones creators David Benioff and D.B. Weiss will write and produce a new series of Star Wars films.
Supreme Court annuls order releasing politicians
The new ruling, which was published online, was signed by the bench's three remaining judges. He was granted medical leave in 2016 and traveled to Britain where he was granted asylum.
The theme parks division generated $1.3 billion in operating income for the quarter, helped by strong park attendance and cruise ship bookings over the Christmas and New Year's holidays, Disney said.
All Disney cable networks' revenues inched up 1% to $4.5 billion in total revenue, while broadcast revenue was down 3% to $1.75 billion. Advertising revenue at ESPN also dropped; Disney cited a timing shift in college football playoff games as one reason. Analysts on average had expected revenue of $15.46 billion.
A relatively lackluster year for Disney's studio, which released fewer movies in 2017 than the year before, also led to lower first-quarter profit and sales in consumer products.
Disney and 21st Century Fox made waves past year with their landmark deal, and now Disney's CEO has given fans an update.