BENGALURU: Walt Disney Co’s quarterly profit and revenue on Tuesday beat analysts’ estimates fueled by movie studio hits, and the media company said it was taking a stake in a streaming video technology company to sell more content directly to consumers.
Disney and other media companies are struggling with “cord cutting” consumers who abandon large bundles of channels sold by cable TV providers. In buying a 33% stake in video-streaming firm BAMTech for US$1bil, Disney is hoping to lure online viewers. It will begin with an ESPN subscription streaming service by year’s end.
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