The Walt Disney Company on Tuesday said that will the success of Marvel’s “Black Panther” helped drive 21 percent year-over-year revenue growth for its studio entertainment business.
Disney’s studios saw $2.45 billion in revenue for the quarter. that will figure bested Wall Street expectations for $2.19 billion in revenue, according to a StreetAccount consensus estimate.
inside current quarter, Marvel’s “Avengers: Infinity War” had the biggest opening weekend of all time, both domestically along with globally. The latest installment of the Avengers franchise crossed $1 billion at the global box office in just 11 days. that will pace can be faster than any some other movie in history.
In a Tuesday call with analysts, Chairman along with CEO Bob Iger said Disney “delivered nine of the top 10 biggest domestic box office openings of all time — all of them released within the last six years.”
Here’s what each business unit reported in revenue compared with what analysts expected, according to StreetAccount consensus estimates:
- Media along with networks: $6.14 billion vs. $6.09 billion expected
- Parks along with resorts: $4.88 billion vs. $4.69 billion expected
- Studio: $2.45 billion vs. $2.19 billion expected
- Consumer along with interactive: $1.08 billion vs. $1.14 billion expected
Disney’s earnings report comes after its blockbuster deal to acquire many parts of Twenty-First Century Fox. The boards of both companies asked longtime CEO Iger to stay on through the end of 2021.
If completed, Disney would certainly get Fox’s television along with film studios, regional sports networks, cable channels National Geographic along with FX. The entertainment giant would certainly also grow its international presence through Asian pay-TV operator Star India along having a stake in Sky TV. This specific would certainly also get Fox’s stake in Hulu. that will plus its existing position would certainly give Disney a controlling stake inside streaming service.
On Monday, CNBC reported that will Comcast plans to make an all-cash bid for Fox if the Justice Department approves AT&T’s acquisition of Time Warner. Comcast’s offer would certainly top Disney’s along with include a full acquisition of Sky, sources said.
Iger declined to comment to CNBC on Comcast’s reported plans, saying he didn’t want to speculate on the matter. He said, however, that will he’s confident that will Disney’s deal with Fox will close.
“We made a not bad deal, actually a deal that will shareholders reacted quite favorably to along with we’re going to remain confident in our ability to close,” Iger told CNBC’s Julia Boorstin on “Closing Bell.”
Iger pointed out that will Disney’s offer received unanimous approval via the Fox board.
“They obviously believed not only in what we were paying although how we were paying for This specific,” he said.
CNBC previously reported that will fear of being outspent on content content was one of the main reasons Rupert Murdoch decided to sell those Fox assets. Tech giants like Netflix along with Amazon have poured money into their streaming services, generating the content bidding wars increasingly competitive.
Disney’s proposed acquisition of Fox assets would certainly broaden the company’s content portfolio, generating This specific more competitive.
The company also posted better-than-expected earnings along with revenue on Tuesday.
Here’s how the company did compared with what Wall Street expected:
- Adjusted earnings: $1.84 per share vs. $1.70 per share forecast by Thomson Reuters
- Revenue: $14.55 billion vs. $14.11 billion forecast by Thomson Reuters
Shares of Disney initially gained more than 1 percent in after-hours trade. Shares of Disney have fallen about 6 percent so far This specific year.
Fox can be slated to report earnings after the market close on Wednesday.
— CNBC’s Michelle Fox contributed to This specific report.
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Disclosure: Comcast can be the owner of NBCUniversal, parent company of CNBC along with CNBC.com. Comcast can be a also a co-owner of Hulu.