Nearly All of Disney's Profits Came From Television and Cable
It wasn't any secret that Disney (NYSE: DIS) faced unprecedented challenges this quarter. In the face of the COVID-19 pandemic, the entertainment monolith was forced to close down its theme parks and resorts, dock its cruise ships, and shutter production of its blockbuster movies. As if that weren't bad enough, live sports have gone into lockdown, causing sports TV network ESPN to resort to airing repeats of classic games and documentaries.
The House of Mouse reported its second-quarter results this week, and there were some surprises, as three of the company's four operating segments generated revenue gains.
Somewhat ironically, it was the waning media networks segment that turned in the best performance, as many consumers under stay-at-home orders turned to cable and traditional broadcast television for in-home entertainment.
Source Fool.com
