Disney (early) has no plans to sell its traditional broadcast and cable networks, unlike competitors who are actively considering divesting their linear TV assets.

Disney CFO Hugh Johnston told CNBC on Thursday that the company has looked at the math and believes a sale of its linear TV assets would be too operationally complex to justify the expected benefits.

“You can do calculus to justify almost anything, but when you look at what it takes operationally to do that, we came to the conclusion pretty quickly: this is actually a good integrated portfolio, and the cost of doing this one is probably bigger. than the benefit,” Johnston said.

The comments come as Disney, along with other major media companies including Warner Bros. Discovery (WBD) (parent of HBO and Max), Comcast (CMCSA) (owner of NBC) and Paramount (PARA) (parent CBS) — all face a changing media landscape in which streaming is rapidly eclipsing traditional television.

In 2023, Disney CEO Bob Iger hinted at the possibility of exiting the company’s linear TV networks, saying that “it may not be essential to DisneyMay.

Meanwhile, both of them Comcast and The discovery of Warner Bros They are reportedly considering spinning off their streaming and studio assets from their struggling television network businesses.

The House of Mouse was released on Thursday mixed results from the fourth quarterwith growth driven primarily by its streaming business, while the company’s traditional TV division continued to struggle.

Disney said operating income from its streaming platforms rose to $321 million in the three months ended Sept. 30, compared with a loss of $387 million in the same period in 2023.

It took five years after the launch of Disney+ to finally turn a profit on its streaming business. Last quarter, Disney reported that its streaming services, which also include Hulu and ESPN+, turned a profit for the first time and earlier than expected. The company had previously expected its streaming services to turn a profit for the first time in the fourth quarter.

Disney continues to face challenges with its traditional television assets, including broadcast network ABC and cable channels such as the Disney Channel, National Geographic and FX. In the fiscal fourth quarter, the company reported a 38% decline in operating income from its linear networks, falling to $498 million from $805 million in the same period in 2023.

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