Walt Disney (NYSE: DIS) reported fourth quarter and end of year earnings yesterday, and the year turned out to be a good one for the entertainment giant. Its media networks segment operating income was up 23% from 2006 figures, to $4.3 billion. Cable networks, primarily ESPN and Disney, were up $3.6 billion on higher ad rates and subscriber growth. ABC Studios returns were up slightly for the year but down for the quarter, a result of greater sales of shows such as Desperate Housewives and ESPN's Monday Night Football, offset by a drop in syndication revenue.
Parks and Resorts operating income up 11% for the year, to $1.7 billion, and up for the quarter 9%. The only down note was a drop in attendance at Hong Kong Disneyland.
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