Even in decline, traditional television remains Disney’s largest business, delivering $8.5 billion in operating income in the fiscal year that ended in October.Disney and other old-line media companies are facing a simple equation that has proved astoundingly difficult to solve: Profit from traditional television is declining at a faster rate than streaming losses are moderating. In Disney’s case, traditional television earnings are expected to decline by $1.6 billion in 2023, while losses from streaming will abate by only about $900 million, according to Mr. Nathanson.In November, Disney said that losses from its streaming portfolio totaled $1.5 billion from July through September, compared with $630 million a year earlier.But Mr. Chapek, who led the company’s November earnings call, reiterated a promise that Disney+ would turn a profit by next October. Wall Street has been ske …
