Disney CFO says ad sales didn’t recover after Olympics; announces $50 million movie write-off
NEW YORK, N.Y. – The Walt Disney Co.’s chief financial officer says the company’s TV advertising revenue did not rebound as expected after last month’s conclusion of the hugely popular London Olympics that were aired on rival NBC.
Jay Rasulo also told an investors conference in New York that ABC owner Disney also expects to book a $50 million charge for discontinuing a movie that was in the works.
The film write-down will trim profits by 2 cents per share in the three-month period that ends this month, Disney’s final quarter of its fiscal year.
Disney’s stock rose 90 cents, or 1.7 per cent, to close at $52.60.
Markets rallied Thursday following the Federal Reserve’s announcement that it will take further steps to help boost the economy.
News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community? Create a free account to comment on stories, ask questions, and join meaningful discussions on our new site.
Leave a Reply
You must be logged in to post a comment.