Stocks
Disney Stock Rises Despite ESPN Layoffs and Rights Costs
Disney's stock price rose by 1.53% to $104.80 on August 13, as the company faced layoffs and increased rights costs at its ESPN division.
The increase in programming and production expenses at ESPN was a major factor, rising by $288 million for the quarter, or 10%, while sports operating income dropped by 17%
Despite the challenges, Disney's Sports division saw revenue growth of 4% to $4.50 billion, with subscription and affiliate fees increasing by 8%.
The integration of NFL assets into ESPN has added benefits, such as a roughly four percentage point boost to sports subscription and affiliate fee increases.