Disney reports shrinking TV business, shares tumble

Walt Disney’s (DIS.N) surprise profit in its streaming entertainment division was eclipsed by a drop in its traditional TV business and weaker box office, sending its stock tumbling 10%, on track for its deepest one-day drop in 17 months.

Like other media companies, Disney has been trying to adapt to consumer migration from cable television to streaming entertainment, and had promised Wall Street that its streaming operation would become profitable by September.