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Tragic Kingdom: Dragged Down By ESPN, Disney Shares Continue to Tumble

ESPN is still dragging down the stock prices of parent company Disney, whose shares fell another 5 percent this week.

The stock price fell after Disney CEO Bob Iger predicted flat earnings for the coming fiscal year, the New York Post reported.

Iger told investors that earnings wouldn’t not much change from the previous quarter. Stocks fell on Thursday from $100.86 to $96.69 upon the announcement.

The entertainment giant was upbeat about its Star Wars and Marvel properties, but ESPN still troubles the company’s bottom line.

Disney shares took a hit in August when estimates fell short of expectations, with ESPN proving to be one of the larger disappointments. However, shares also slipped last quarter after the company’s decision to distance itself from Netflix.

“Disney continues to be hit by subscription declines at ESPN — once its growth driver — and embarks on an ambitious direct-to-consumer streaming service,” the Post noted.

In March it was reported that ESPN had lost 422,000 homes in April alone.

April also brought the cable sports network a “bloodbath” of layoffs with 100 employees cut.

Even as ESPN continues to fumble, Fox Sports recently reported a major gain in earnings, according to a report by 21st Century Fox.

Follow Warner Todd Huston on Twitter @warnerthuston.

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