TV networks boost Disney profits

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Walt Disney has surprised analysts by posting better-than-expected profits for the three months to 3 October.

Net income came in at $895m (£540m) for the quarter, an increase of 18% on the same period a year earlier. Revenue rose by 4% to $9.7bn.

Strong performance at the entertainment giant's media division, which includes the ESPN and ABC television networks, helped to drive overall sales.

Earlier on Thursday, Disney announced two top executives were switching jobs.

At the end of this year, chief finance officer Tom Staggs will swap roles with Jay Rasulo, chairman of the group's parks and resorts division.

"Although last year was a difficult one, I am pleased with the way our businesses have responded to the downturn," said Disney chief Robert Iger.

Media networks saw a 14% rise in revenue, while consumer product sales fell by 12%.

Revenue at the group's resort parks also dropped, as visitors spent less during the downturn.