Small disappointment in the headline sales numbers last night sales of $10.78 billion (street at $10.93 billion) can nearly all be attributed to media and networks ($4.88 bn vs $5.02 expected). Seems like ESPN was hit from the Olympics advertising cycle (recall it was on Comcast’s NBC network) and somewhat lower ratings at ABC Television.
Looking forward though, new affiliate deals will drive ESPN sales in 2013, strong parks and resorts openings (Disney Fantasy Cruise and Disney California Adventure) will drive accretion, hotel rates are strong.
Disney trades off on numbers as a matter of course. But don’t underestimate the power of the mouse.
