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Article: FINDING REASON FOR DISNEY PROFIT DIP AS EASY AS ABC.(NEWS)(Statistical Data Included)
- Article from:
- Daily News (Los Angeles, CA)
- Article date:
- April 28, 1999
CopyrightCOPYRIGHT 1999 Daily News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Dave McNary Daily News Staff Writer
Mickey Mouse's magic touch may be disappearing.
Walt Disney Co. shares plunged 7 percent Tuesday after the entertainment giant announced that its year-to-year profit will decline and likely lead to companywide cost cutting.
In an unusually blunt assessment, Chairman Michael Eisner said in a statement, ``Although the Disney franchise has a demonstrated ability to drive long-term growth, we are definitely not satisfied with our current performance. As a result, we are taking a number of steps, including an across-the-board assessment of our cost structure to address the situation.''
The profit ...