Disney Q3 Earnings, Revenue Fall Shy of Wall Street Expectations

Despite recently setting a new record for total global box office, The Walt Disney Co. on Tuesday reported earnings and revenue for the fiscal third quarter that fell shy of Wall Street expectations. The Mouse House spent $71.3 billion to acquire film and TV entertainment assets from Fox in March. That, along with the companies efforts to incorporate the business, had an impact on the company’s third-quarter results. “Our third-quarter results reflect our efforts to effectively integrate the 21st Century Fox assets to enhance and advance our strategic transformation,” CEO Bob Iger said in a statement. “I’d like to congratulate The Walt Disney Studios for reaching $8 billion at the global box office so far this year–a new industry record–thanks to the stellar performance of our Marvel, Pixar and Disney films. “The incredible popularity of Disney’s brands and franchises positions us well as we launch Disney+, and the addition of original and library content from Fox will only further strengthen our direct-to-consumer offerings,” he continued. Also Read: To Infinity and Beyond: Can Disney Become the First $10 Billion Studio? Disney reported per-share earnings of $1.35, which excluded certain items that affected comparability to prior quarters. That was down roughly 28%...