Disney’s $1bn stake in video-streaming firm

Walt Disney said it was taking a stake in a streaming video technology company to sell more content directly to consumers, as it reported quarterly profit and revenue that beat analysts’ estimates fuelled by movie studio hits.

Disney and other media companies are struggling with ‘cord cutting’ consumers who abandon large bundles of channels sold by cable TV providers.

In buying a 33% stake in video-streaming firm BAMTech for $1bn (€900m), Disney is hoping to lure online viewers. The service will not include any of the content that appears on ESPN’s TV networks.