There’s a reason people say, “Go woke, go broke.”
It’s because it’s usually true.
And Disney just proved that.
After appearing to hedge for quite some time, Disney finally admitted that ESPN, which has gone woke and waded into the culture wars, has lost 20% of its profits.
In other words, ESPN is only making $0.80 now for every $1.00 that it used to make.
Maybe instead of talking about politics, ESPN should focus on what it was supposed to: SPORTS.
People are sick of divisiveness.
They’re sick of political preaching being shoved down our throats 24/7.
But could this 20% plunge be just the beginning?
— NEWSMAX (@NEWSMAX) October 19, 2023
Disney revealed the size of ESPN’s business for the first time in a regulatory filing on Wednesday.
The company reported that profits for the sports segment — a bundle of ESPN, ESPN television channels, and ESPN+ — declined 20% in the first nine months of the fiscal year, down… pic.twitter.com/sApDdjXa7R
— OutKick (@Outkick) October 20, 2023
Disney is desperate to sell ESPN, so desperate they released ESPN’s financials for the first time ever. Profit is plunging & they can’t afford to re-up existing NBA & college football playoff packages & continue to make a profit in years ahead. Yikes: https://t.co/it5rCWUXqn
— Clay Travis (@ClayTravis) October 20, 2023
To make matters worse, audiences are actually HUNGRY for sports content.
Think about it.
We were all forced to lock down in 2020 and 2021.
There is pent up demand and energy for sports.
Yet ESPN experienced a 20% plunge in profits.
This is what you get when you try to get political and end up alienating a large portion of your audience!
According to the New York Post:
Hobbled sports giant ESPN has seen profit plummet 20% in the first nine months of the fiscal year as more cable subscribers cut the cord, according to a rare peek at the Disney-owned network’s finances.
The struggling Mouse House had previously never broken down ESPN’s financials, but offered the inside look as it seeks a strategic investor for what had long been considered Disney’s crown jewel.
According to an SEC filing Wednesday, Disney reported that its sports segment — which includes ESPN, ESPN-related channels, streaming service ESPN+ and sports channel Star India — saw profits plunge 20% to $1.48 billion through the first nine months of fiscal 2023.
Sales declined 1.3% to $13.2 billion.
In this year’s third quarter, the unit posted profit of $854 million on sales of $4.3 billion — more than half of that revenue, $2.6 billion, “came from cable and satellite TV subscribers,” the filing said. Roughly $1.15 billion came from advertising.
One Bloomberg analyst put the value of the sports division at up to $22 billion for prospective partners.
Disney stock, which has hovered nine-year lows, was relatively flat Thursday, trading at $84.67.
Given what’s going on in the Middle East and in Europe, it’s hard to picture a world where ESPN goes back to actually focusing on sports.
After all, next year is the 2024 presidential election.
Don’t be surprised if all these mega corporations get political in an effort to tilt the scale towards Joe Biden.
Profits from Disney’s sports segment, home to ESPN, declined 20% in the first nine months of its fiscal year, according to a new filing that offers a clearer look at the toll cord-cutting is taking on the business https://t.co/PCrr1FZo9q
— The Wall Street Journal (@WSJ) October 19, 2023
Disney Releases Data Showing Woke ESPN Has Lost 20% in Profitshttps://t.co/4CKoumxo36
— Warner Todd Huston (@warnerthuston) October 20, 2023
— Yahoo Finance (@YahooFinance) October 20, 2023
When will corporations finally learn?
People want entertainment as an escape.
They don’t want entertainment as a form of indoctrination.
The numbers say it all.
Breitbart confirms the disastrous finances for ESPN:
Despite the wave of layoffs, it appears that woke ESPN’s profits had fallen by 20 percent over the first nine months of the year, according to the data released by the network’s owner, Disney.
Disney usually avoids reporting ESPN’s financials, but in a rare move, the Mouse House released the numbers showing that a loss of subscribers and rising sports broadcast rights fees has hit the cable network particularly hard.
“Revenues for Disney’s sports division were $13.2 billion over the first nine months of fiscal 2023, a 1.3% drop compared to the same period in FY 2022 ($13.37 billion),” according to Front Office Sports.
So what do you think?
Are you fed up about the political correctness?
Are you tired of woke-ism infecting all of our institutions?
If so, let us know what you think in the comments section!