I really need some education here. According to Marketwatch, "Walt Disney Co. reported a quarterly loss of nearly $5 billion Tuesday". "The loss was largely due to a $4.95 billion charge Disney took" "After adjusting for that charge and other factors, Disney reported net income of 8 cents a share, compared with $1.34 a share a year ago."
So Disney actually lost money for the quarter??? Sounds like accounting tricks making it seem better.
Then, you get the following statement: "Disney’s earnings were helped by an accounting maneuver in the TV business that boosted operating income beyond expectations. Disney said that it moved costs related to its ownership of rights to sports programming to future quarters because U.S. professional sports were not played in the quarter. That boosted operating income in the media-networks segment to more than $3 billion, 48% higher than last year and nearly double analysts’ average expectation."
So even more accounting scams???? I guess this is why they pay CFOs tons of money.
The $5 Billion dollar charge was for international operations (writing the value of the international channels down to their value). It would have happened with our without Covid-19. Also, if there are no baseball games on ESPN, then they don't have to pay MLB for the rights. But ESPN is still on and playing alot of re-runs which we are watching. Not sure there is some nefarious scam going on here.