Los Angeles — Walt Disney Company failed to assuage investor concern about its cable division, saying profit in the business slumped last quarter as its pay-TV business ESPN continued to lose subscribers and spend more to televise games. Sales in the cable division totalled $4.06bn, trailing the $4.2bn average of analysts’ estimates. The unit’s profit slid 3%, the company said, a reflection of higher expenses for National Basketball Association (NBA) games and college football. Disney shares fell in late trading. The results show Disney struggling to get a handle on the troubles at its largest business — TV programming. The owner of ESPN and ABC has seen ratings slide as audiences watch more video online, while sports leagues keep demanding more money. The company is paying $600m more for rights to NBA games alone, and a shift in college football schedules also lifted expenses. The cable unit’s woes overshadowed positive results in other divisions. The entertainment company said on ...
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