Disney misses profit and sales targets
Disney missed profit and sales expectations for the first full quarter since closing a $71.3 billion deal to acquire Rupert Murdoch’s Fox entertainment assets.
As part of the deal, Disney took over a portfolio that included 20th Century Fox studios, the FX and National Geographic cable networks and 30 percent of Hulu, the online video service.
The sale also represented the end of an era for Rupert Murdoch, the 88-year-old media mogul who steered the Fox studio for nearly four decades.
At the same time, the House of Mouse has ambitious plans to dethrone the current king of the streaming industry, Netflix, with plans to roll out its new Disney Plus video-on-demand service Nov. 12, reports Fox Business News.
The media giant said the bundled package, which also includes ESPN and Hulu, will cost $12.99.
With its $6.99 monthly plan, Netflix includes content from major entities such as Marvel, Pixar, and National Geographic.