Once an indispensable sports powerhouse, cable TV network ESPN has gone from must-see-TV for millions of sports fans to financial boondoggle for owner Disney with the network losing up to 10,000 subscribers a day, a report says.
“A floundering ESPN, with rising costs and declining viewership, continued to sink Disney’s DIS, +0.24% financial results during its fiscal first quarter,” MarketWatch.com reported.
With the impact of the flailing sports network, Disney’s revenue fell 3 percent, and its profits sank 14 percent, the financial site reported.
As to ESPN itself, the network lost subscribers, found its average viewership crater, and experienced falling advertising rates even as its programming costs climbed. And this fall from grace continued even after Disney insisted that ESPN had reached its bottom after the previous quarter came to an end.
Disney CEO Bob Iger, though, is still putting a sunny face on this quarter after quarter failure saying he still “believes” in the network.