Disney Reports Record Earnings
The Walt Disney Company reported earnings for its fourth quarter as well as its full fiscal year, and the numbers are looking good.
Net income for the year rose 21% to $4.8 billion, a record, the company said.
But let’s talk about media. Disney’s cable networks, including ESPN, brought in $12.8 billion for the year, a 12 percent increase from 2010. Broadcasting (ABC) saw revenue rise, too, from $5.7 billion to $5.8 billion.
Due to lower costs at ABC and higher ad revenues, though, ABC was able to increase net income by 39 percent, to $913 million.
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