BURBANK, Calif. -- The Walt Disney Company /quotes/comstock/13*!dis/quotes/nls/dis (DIS 35.65, +0.36, +1.02%) today reported earnings for its third fiscal quarter and nine months ended July 3, 2010. Diluted earnings per share (EPS) for the third quarter increased 31% to $0.67 from $0.51 in the prior-year quarter. For the nine month period, EPS increased 24% to $1.60 from $1.29 in the prior-year period. The quarter and nine month results were driven by growth at Media Networks and Studio Entertainment. Media Networks benefitted from earlier recognition of previously deferred revenue at ESPN.

"We're very pleased with our strong third quarter, in which we grew revenues substantially and improved profitability across the majority of our businesses," said President and Chief Executive Officer Robert A. Iger. "Our performance underscores the value of sticking to a smart strategy even in tough times, of investing in the right people, and of focusing relentlessly on quality and innovation to drive growth in shareholder value."

Studio Entertainment

Studio Entertainment revenues for the quarter increased 30% to $1.6 billion and segment operating income increased $135 million to $123 million. Higher operating income was primarily due to the strong worldwide performance of our key titles in theatrical markets and improvements in domestic home entertainment and worldwide television distribution.

Worldwide theatrical results reflected the strong performance of Toy Story 3, Alice in Wonderland, and Iron Man 2 in the current quarter, partially offset by higher film cost write-downs. The prior-year quarter included Up, Hannah Montana: The Movie and The Proposal.

The increase at domestic home entertainment was primarily due to a lower production cost amortization rate and lower distribution and marketing expenses resulting from cost reduction initiatives. Key releases included Alice in Wonderland in the current quarter versus Bedtime Stories, Bolt and Confessions Of a Shopaholic in the prior-year quarter.

The improvement at worldwide television distribution was driven by the timing of titles available in international markets.

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channingtatum.pngSource: Deadline.com

Channing Tatum will star in and produce an adaptation of Craig Clevenger's novel The Contortionist's Handbook, which follows a foreigner who lives on a specific set of rules to avoid dealing with his past.

Tatum is definitely on the rise these days. After the success of G.I. Joe: The Rise of Cobra and Dear John his drawing power has grown quite a bit. The young actor has The Eagle and Haywire due in early 2011.

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NEW YORK & BEVERLY HILLS, Calif. -- EPIX(TM) and Netflix, Inc. [Nasdaq: NFLX] today announced an agreement through which Netflix members can instantly watch an array of new releases and library titles from EPIX streamed over the Internet from Netflix. Movies from the multi-year deal will begin streaming from Netflix on September 1 and include movies from Paramount, Lionsgate and MGM.

EPIX has subscription pay TV rights to new releases and movies from the libraries of its partners and will make these movies available to Netflix 90 days after their premium pay TV and subscription on demand debuts. Historically, the rights to distribute these films are pre-sold to pay TV for as long as nine years after their theatrical release.

For Netflix, the agreement is a significant step in building the company's streaming offer, adding many popular movie titles from some of the world's leading studios. It adds meaningfully to a growing library of movies and TV shows that can be watched instantly on TVs via a range of leading consumer electronic devices capable of streaming from Netflix and on computers.

For EPIX, the deal reflects the value of the EPIX platform which, from its start, has provided new rights and flexibility for the distribution of its movies. The agreement allows EPIX to continue the distribution of popular content on a variety of platforms and preserve the premium television, subscription on demand and online window reserved for cable, satellite and telco television partners.

"Adding EPIX to our growing library of streaming content, as the exclusive Internet-only distributor of this great content, marks the continued emergence of Netflix as a leader in entertainment delivered over the Web," said Ted Sarandos, chief content officer for Netflix. "The EPIX deal is an example of the innovative ways in which we're partnering with major content providers to broaden the scope and freshness of choices available to our members to watch instantly over the Internet."

Mark Greenberg, president of EPIX, added: "Netflix is an incredibly popular service and we welcome them as our newest distribution partner. We are pleased to be able to continue our mission of bringing consumers the movies where they want to watch them, while satisfying the differing needs of cable, telco and satellite operators. This deal also underscores the tremendous value of our offerings in the marketplace."

 

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KNOXVILLE, Tenn. -- Regal Entertainment Group ("Regal" or the "Company") (NYSE: RGC), announced today that it plans to offer $275 million aggregate principal amount of its senior notes due 2018 (the "Notes"). The Company anticipates that the offering will close on or around August 16, 2010, subject to customary closing conditions. The Company intends to use all of the net proceeds of the offering (i) to redeem all of Regal Cinemas' outstanding 9.375% senior subordinated notes due 2012, (ii) to repurchase or repay all of the Company's outstanding 6.25% convertible senior notes due 2011, (iii) to pay fees and expenses related to this offering, and (iv) for general corporate purposes, which may include the redemption, repayment or repurchase of other indebtedness.

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