Disney rides Black Panther to profit

Disney rides Black Panther to profit

The blockbuster Black Panther loaned some of its superhero powers to Walt Disney in the most recent quarter, boosting the firm’s bottom line.

The US media giant’s profits rose by 23% to $2.9bn (£2.14bn) in the first three months of the year.

Revenue increased 9% year-on-year to $14.5bn, driven by gains in the company’s film unit.

The firm reported its earnings amid questions about its plans to buy the bulk of 21st Century Fox’s business.

Disney last year announced a deal to buy that firm’s entertainment business valued at more than $66bn, including debt.

The purchase was to include the 39% stake in Sky currently owned by Fox.

Fox has been trying to win approval from the UK to buy the remainder, but those plans were disrupted last month after Comcast made a $22bn offer for the UK broadcaster.

Comcast, a major US pay-TV and internet provider, is also said to be preparing a cash bid for other 21st Century Fox assets, in a challenge to the rest of Disney’s plan.

Comcast had been interested in Fox last year, but was reportedly rebuffed in favour of Disney due to anti-trust concerns.

Source: BBC News

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