- In the Colombian Pacific, fighting to save sharks
- Argentina's Matera banned for Italy Test after red card
- Vientos grand slam propels Mets in series-tying win over Dodgers
- Supporters of ex-Bolivia leader Morales block roads over possible arrest
- Germany into Nations League quarters, France and Italy win
- Nagelsmann lauds 'supercharged' Germany's 'best half of the year'
- 'Pandas are coming': Two new bears depart China for US capital
- Dodgers pitcher Kershaw plans to return for 2025
- Mbappe 'investigated for rape' in Sweden: report
- Revived Italy sweep past Israel in Nations League amid high security
- Trudeau slams India as tensions soar over Sikh separatist's murder
- Harris courts Black voters as Trump makes inroads
- Wall Street stocks hit fresh records as oil prices slide
- Nigerian team return home after boycotting AFCON qualifier in Libya
- Nigeria refuse to play in Libya as Algeria, Cameroon qualify
- Strike-hit Boeing leaves experts puzzled by strategy
- Leweling rockets Germany past Dutch and into Nations League quarterfinals
- Kolo Muani double fires France to win in Belgium
- Italy sweep past Israel in Nations League amid high security
- UN peacekeepers to 'stay in all positions' in Lebanon
- NASA launches probe to study if life possible on icy Jupiter moon
- 'Unique' Ronaldo an example to everyone, says Martinez
- New lawsuits against Sean Combs allege sex assault, including of minor
- Italy begins migrant transfers to Albania with first group of 16
- Google signs nuclear power deal with startup Kairos
- Carsley open to foreign England manager amid Guardiola links
- Pogba hungry to have his football cake after doping ban
- India and Canada expel top envoys in Sikh separatist killing row
- Mbappe says victim of 'fake news' after 'rape' report in Sweden
- Lebanon says 21 killed in strike on northern village
- Netanyahu vows no mercy after deadly Hezbollah drone strike
- Russia could be able to attack NATO by 2030: German intelligence
- EVs seek to regain sales momentum at Paris Motor Show
- Clarke backs Scotland to bounce back from 'tough' run
- Harris, Trump target crucial Pennsylvania as US vote looms
- NASA probe Europa Clipper lifts off for Jupiter's icy moon
- Lebanese Red Cross says 18 killed in strike in north
- Mendy borrowed money from Man City team-mates for legal fees
- Palestinian officials say Israeli forces kill two in West Bank
- Football leagues, unions file EU complaint against FIFA in calendar dispute
- Nigeria boycott AFCON qualifier in Libya after 'inhumane treatment'
- India to recall top envoy to Canada: foreign ministry
- Hezbollah, Israeli troops in 'violent clashes' after drone strike
- China insists won't renounce 'use of force' to take Taiwan as drills end
- Painkiller sale plan to US gives France major headache
- Italy begins landmark migrant transfers to Albania
- Russia jails French researcher for three years
- 'Unsustainable' housing crisis bedevils Spain's socialist govt
- Stocks shrug off China disappointment but oil slides
- New Zealand 4-0 up in America's Cup but British show signs of life
Disney+ adds subscribers amid cost-cutting campaign
Disney's streaming service has attracted nearly seven million new subscribers, the company said Wednesday, reversing a period of decline that had raised doubts about its rivalry with industry leader Netflix.
Disney has been under significant pressure ever since CEO Bob Iger left the company only to be brought out of semi-retirement a year ago after his replacement no longer had the confidence of executives and the company board.
Upon his return, Iger embarked on a cost-cutting campaign that saw major cuts to the lavish spending to get Disney+ off the ground.
Those efforts saw Disney's streaming losses contract to $387 million in the most recent quarter, down from $1.47 billion a year earlier.
Disney Plus clients rose to 112.6 million at the end of September from 105.7 million at the end of June.
"Our results this quarter reflect the significant progress we've made over the past year," Iger said, pointing to the success of Disney+'s recently added ad-supported tier.
"While we still have work to do, these efforts have allowed us to move beyond this period of fixing and begin building our businesses again," Iger said.
The solid quarter may bring back confidence in Iger who had begun to face criticism for his once celebrated decisions such as paying massively in 2019 to buy 21st Century Fox from Rupert Murdoch.
- Cutting costs -
In the past year, the Disney share price has slumped around multi-year lows.
Activist investor Nelson Peltz has turned the heat on Iger asking him to cut costs.
In the results released Wednesday, Disney said the company was pushing to cut costs by $7.5 billion, an increase from a previous pledge of $5.5 billion.
In all, the entertainment giant posted sales of $21.24 billion for the period, up slightly on the previous year, according to its earnings release on Wednesday.
Disney last month said it will become the sole owner of Hulu, which it already markets in subscriptions that include its own Disney+ service and the ESPN+ sports content streaming platform.
Hulu is Disney's arm for adult-focused programs such as The Handmaid's Tale, while family content falls under Disney+, launched four years ago.
Both services, like their competitors, were hit by a historic writers' and actors' strike this summer.
Hollywood script-writers signed a deal with the studios and are back on the job, but the actors are still not back on set, resulting in a huge backlog of Hollywood productions.
"I can only say that I'm optimistic that we'll figure that out relatively soon," Iger told CNBC after the earnings release.
In addition to content and subscriber numbers, Disney is trying to improve its profitability.
The Burbank, California-based group posted net earnings of $264 million.
Disney rival Netflix last month said subscriber numbers grew nearly 11 percent to 247 million as it cracked down on password sharing and refined an ad-supported tier.
The leading streaming service increased prices on some of its plans, perhaps creating an opportunity for competitors such as Disney.
Y.Aukaiv--AMWN