Walt Disney Company had a lot of good things to say about its fiscal Q3 2013, but the performance of its broadcast segment wasn’t among them. The company recorded modest increases in revenue and net income, but broadcasting assets were flat and down, respectively.
“We are pleased with the results we delivered in the third quarter,” said Robert A. Iger, Chairman and CEO of The Walt Disney Company. “We are confident that our strategy of creating high-quality branded content positions us well for the future.”
Overall, revenues were up 4% to $11.58B, and net income was up 1% to $1.85B.
Media properties overall were also positive, with revenues up 5%to $5.352B and operating income up 8% to $2.3B.
However, the black part of the gain was on the cable side, with an 8% gain in revenue to $3.61B and a 12% gain in operating income to $1.86B.
Broadcast revenue was on the down side of flat, decreasing from $1.474B to $1.468B. Operating income results were an unsightly -21% to $2.3B.
Disney blamed the poor broadcast results on higher programming costs partly from less self-produced and more acquired programming; and lower advertising revenue tied to lower ratings and the non-political year. On the plus side, network rates were higher and online advertising results picked up.