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DIS Preview: We've Seen This Movie Business Before

By Steve Birenberg

 About this article:
 Disney wraps up September-quarter earnings for media and communications companies when it reports after the close on Thursday. Analyst estimates call for EPS of 40 cents on revenue of $9.26 billion. If estimates are hit, revenue will be down about 2%, operating income will fall 15% to 20%, and EPS will be down 4%. At the segment level, Media Networks should hold up the best, while Studio Entertainment operating profits will plunge. Media Networks includes ABC and local TV stations, ESPN, the Disney Channel and other cable networks. Growing affiliate fees and a rebound in advertising growth, though still negative, should be the drivers at Media Networks. Studio Entertainment faces challenging comparisons and is coming off generally poorly performing movies at the global box office. Investors will be looking for insight into several issues on the conference call. ESPN ad sales have been lagging the industry due...

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