(Reuters) – Nagging investor concerns over viewers cutting the cord on cable television or moving online turned into a rout in the sector’s shares on Wednesday after Walt Disney Co reported a dip in subscribers for its cornerstone sports channel ESPN and rivals produced a mixed batch of earnings.
ESPN, which is available only as part of broad cable TV packages, has been seen as a savior of the bundling business model with its line-up of live sports and highlight reels. But the latest figures suggest even that may not be enough to stop viewers demanding slimmer cable packages or moving online to watch standalone streaming services.
((Corrects to show operating profit at theme parks rose 9 percent to $922 million, not $922 billion, in paragraph 8))
By Lisa Richwine and Arathy S Nair
(Reuters) – Walt Disney Co (DIS.N: Quote, Profile, Research, Stock Buzz) lowered profit guidance for its cable networks unit and reported quarterly revenue slightly below Wall Street forecasts, sending its shares down 6 percent on Tuesday.
By Lisa Richwine and Arathy S Nair
(Reuters) – Media company Walt Disney Co (DIS.N: Quote, Profile, Research, Stock Buzz) on Tuesday posted record profit in the June quarter, but its revenue missed Wall Street expectations for the first time in two years and its shares fell more than 2 percent in extended trading.
Disney recorded net income of $2.48 billion for April through June, up 11 percent from a year earlier, and revenue of $13.1 billion, just shy of the $13.23 billion projected by industry analysts.
BEVERLY HILLS, California (Reuters) – HBO’s most-watched series, the medieval fantasy drama “Game of Thrones,” will likely continue through three more seasons, a network executive said on Thursday, as he defended the show’s gritty violence.
The sixth season is currently being filmed. Executives have planned to run at least seven seasons and are discussing with the show’s creators how much longer the show will extend beyond that, said Michael Lombardo, president of HBO programming.
BEVERLY HILLS, Calif. (Reuters) – In a Beverly Hills mansion on Tuesday, Facebook-owned Oculus rolled out “Henry,” a movie that takes advantage of its virtual reality technology to tell the story of a hug-obsessed hedgehog.
The company’s pitch is to lure filmmakers to use the technology and produce content that attracts consumers for the Rift, its virtual reality headset.
ANAHEIM, California, July 26 (Reuters) – For the first time,
cable TV network Nickelodeon staged a casting call at VidCon, a
convention that draws stars of YouTube and social media like
Vine, Instagram and Snapchat and their passionate followers.
The Viacom-owned channel’s talent search is one way
traditional TV networks are recruiting Internet personalities to
LOS ANGELES (Reuters) – As consumers flock to streaming video services like Netflix, the cable industry has struggled to regularly attract customers to its own online viewing options. This summer, networks and distributors will unite in a marketing campaign to try and change that.
Studies show less than half of pay TV subscribers consistently use what media companies call TV Everywhere, a platform to watch live and on-demand programing on computers, tablets, Internet-connected TVs and mobile phones. Operators acknowledge that many customers do not know it exists.
(Reuters) – Netflix Inc (NFLX.O: Quote, Profile, Research, Stock Buzz) Chief Executive Reed Hastings said it was possible the movie and TV streaming service’s planned entry into China might be delayed beyond the company’s goal of 2016.
Netflix is aggressively moving into new markets and aims to reach 200 countries by the end of 2016. The company reported Wednesday its global subscriber base had grown to more than 65 million, beating its own forecast and sending shares up more than 9 percent.
By Lisa Richwine and Anya George Tharakan
(Reuters) – Netflix Inc (NFLX.O: Quote, Profile, Research, Stock Buzz) added nearly a third more subscribers than expected in the second quarter, sending its shares up 9.4 percent as the video streaming service said its investment in original television programs and movies was paying off.
Net subscriber additions rose about 94 percent year over year to about 3.3 million in the second quarter, beating the company’s forecast of 2.5 million.
LOS ANGELES (Reuters) – Local TV stations are plugging one of the last major holes in mobile video: streaming their news to phones and tablets. The move presents yet another challenge to cable and satellite providers, which are grappling with the widespread online availability of content.
This fall, 112 U.S. stations will begin streaming live newscasts through an app called NewsOn, one of several planned “over-the-top” offerings delivered online without a pay TV subscription.