Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Disney plans new movie streaming service * Walt Disney Co. will stop providing new movies to Netflix Inc. starting in 2019 and launch its own streaming service, the company said on Tuesday, as it tries to capture digital audiences who are ditching traditional television.

The new Disney-branded streaming service will follow a similar ESPN service that will be available starting in 2018, the company said.

Disney said it would pay $1.58 billion to buy an additional 42 percent stake in video-streaming firm BAMTech. Last year, Disney said it was taking a 33 percent stake in BAMTech for $1 billion.

The announcement came as Disney reported a near 9 percent fall in quarterly profit, pulled down by higher programming costs and declining subscribers at its flagship sports channel ESPN.

Mallinckrodt earnings down * Mallinckrodt said Tuesday that continued pricing pressure within the industry affected its second-quarter results.

Net income was $62.8 million, or 64 cents per diluted share, in the period ended June 30. That compared unfavorably to net income of $199.3 million, or $1.82, in the year-earlier period. Adjusted earnings for the quarter were $1.85 per share, beating the Zacks Consensus Estimate of $1.73.

Net sales fell 4.9 percent to $824.5 million, missing the Zacks Consensus Estimate of $827.3 million.

Founded in St. Louis in 1867, Mallinckrodt is based in Staines-upon-Thames, England, but has U.S. headquarters in Hazelwood.

Mallinckrodt shares fell by $2.74, or 6.7 percent, to close Tuesday at $38.19.

Avadel lowers revenue forecast * Avadel Pharmaceuticals on Tuesday reported an increase in second-quarter profit and revenue, but adjusted its revenue forecast lower, blaming increased pricing pressure.

Net income was $28.9 million, or 68 cents per diluted share, in the period ended June 30, the Chesterfield-based drugmaker said. …

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