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Disney Reports $845M Profit for 1Q 2009; Plans to Reduce DVD Releases

The Walt Disney Company announced a profit of $845 million for the first financial quarter of 2009 (ending December 27, 2008), representing a 32% decline from the $1.25 billion for the same time a year ago (free registration required). In a conference call with analysts, Disney CEO Robert Iger stated that the worldwide drop in DVD sales were largely responsible for a 64% drop in studio income, and added that Disney is rethinking its business model for marketing and selling DVDs, which will also include a reduction in DVD releases.

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