Yahoo Finance – Disney (DIS) delivered record profits and revenue that also topped expectations for its fiscal first quarter thanks to the phenomenal success of the latest installment of “Star Wars.” However, investors remain concerned about subscriber growth for its ESPN sports network and other cable channels as more people opt to cut the cord.
I take a back seat to no man when it comes to being bullish on our nation’s financial picture, supporting our free market economy and championing our working men and women. So you’ll have to forgive me for what I’m about to say.
I’m sorry. It’s bad karma to wish anybody lose their job. But there’s no denying Disney brought this on themselves when they sat back and did nothing while their own property went from being the worldwide leader in sports information to a lie-spinning, bomb-tossing, reputation-destroying, witch-hunting lap dog. ESPN sold their credibility to the NFL and stopped all pretense they were out to report facts. And as a result they’ve lost the trust of the nation, millions of cable subscribers, and now apparently billions of dollars for Disney’s shareholders.
It couldn’t happen to a better media outlet.
So let that be a lesson to Disney and any other giant conglomerate. You can own “Star Wars” and the Marvel cinematic universe. You can have a virtual monopoly on the girl market with your princess cult. You can have a successful kids TV network. You can still have the family tourism dollar on lock. But it doesn’t matter how big you’ve become. When you lay down with corporate dogs, you get fleas.
Deflategate might have cost the Patriots a lot, but in the long run, it’s costing ESPN’s bosses a lot more.