Disney suffers at box office

Disney released financial results for 1998 this week, with net income down 24% to $296 million. The company blamed poor box office results and the increased cost of sports rights to the ABC network, which it owns.

Disney released financial results for 1998 this week, with net income down 24% to $296 million. The company blamed poor box office results and the increased cost of sports rights to the ABC network, which it owns.

Disney said it had downsized its consumer products division in response to difficulties in Asia, and had invested to develop its cable channel business and Internet presence via Infoseek and the Go Network.

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