Disney Profits Lifted By Hit Films

Entertainment giant Walt Disney has reported a 40% jump in profit thanks to hit movies such as Toy Story 3 and Alice in Wonderland.

Net profit for the three months to 3 July rose to $1.3bn (£820m), from $954m a year ago. Revenues rose 16% to $10bn.
Strong performances at the box office saw its studio entertainment division swing from an operating loss to profit.
Its cable networks unit was boosted by sports channel ESPN which benefited from previously deferred revenues.
But Disney said that profits at its domestic theme parks fell because of higher costs and lower attendance.
Disney shares rose 46 cents to $35.75 in after-hours trading.

Euro Disney has cut its annual losses by 28%, despite a fall in visitor numbers to Disneyland Paris.

The company that runs the theme park said its net loss for the 12 months to 30 September was 45.2m euros ($62m; £38m), down from 63m euros a year ago.
Euro Disney said that while visitor numbers to Disneyland Paris fell 2.6% to 15 million, average spending per tourist rose 2.4% to 45.30 euros.
Annual revenues at the company were up 4% to 1.28bn euros.
Euro Disney is 40% owned by Walt Disney, 10% by the Saudi royal family, and 50% by other shareholders.
Philippe Gas, Euro Disney chief executive, said that despite a difficult economic context, Disneyland Paris remained Europe's most popular tourist destination.

Entertainment giant Walt Disney has announced the sale of its Miramax film division for about $660m to a group of private equity investors.

The investors, Filmyard, includes construction magnate Ron Tutor and investment firm Colony Capital.
Disney has been negotiating with potential buyers for months to sell the division, which has made films such as Pulp Fiction and Shakespeare in Love.
Earlier this week, Disney bought the social gaming developer Playdom.

• No Country for Old Men
• The Queen
• Pulp Fiction
• My Left Foot
• Good Will Hunting

"Although we are very proud of Miramax's many accomplishments, our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands," Disney's chief executive Robert Iger said.

Disney wants to concentrate on these family-orientated divisions, which produce popular films such as Toy Story, that also come with highly profitable merchandising opportunities.
"Disney has been very smart with its film strategy," media analyst Theresa Wise told BBC World Business Report.
"One of the big issues with movies is very few films break even... so they need other revenues. Disney has the fantastic ability to sell family films and all the merchandise that goes with it.
Disney has owned Miramax since 1993 when it bought the firm from Hollywood heavyweights Harvey and Bob Weinstein.
The Weinstein brothers, who recently attempted to buy it back from Disney, named the film company after their parents Miriam and Max.