Disney’s surprise streaming entertainment profit offset by weaker TV biz

Walt Disney’s surprise profit in its streaming entertainment division was eclipsed by a drop in its traditional TV business and weaker box office, sending its shares down 6% before the bell on Tuesday.

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.

The division has been losing money since Disney+ debuted in 2019 in a major push by the company to compete with Netflix .