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Wednesday, February 4, 2009

Iger says weak theme park attendance partly led to disappointing revenues

CNBC has an interview with Disney CEO Bob Iger in which he discusses Disney's disappointing stock performance this quarter. Iger said lower theme park attendance in addition to sagging broadcast and film revenues contributed to the less than expected results.

Revenues for the Disney Parks fell four percent to $2.67 billion mostly due to lower attendance at Walt Disney World and Disneyland and lower hotel occupancy at on-property resorts.

If that wasn't bad enough, the Disney Studio revenues dropped a whopping 26-percent to just under $2 billion. In a bit of good news, revenues at the Disney Channel and ESPN rose two-percent to $2.45 billion. ABC revenue, however, wiped away any gains for the broadcast segment as ABC revenues dropped 14-percent to $1.45 billion.

I'm no economist, but it seems clear to me that the studios and ABC are where the problems really lie. A four-percent drop in the parks isn't good by any means, but it's nowhere near the 26 and 14 percent declines by the studios and ABC respectively.

Also on CNBC: Overall report on Disney's 1st Q earnings.

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