-
Disney Says It Is Reducing Reliance On Advertising
In the most candid admission of how downbeat the television ad market is right now, ABC and ESPN parent Walt Disney Co.DIS +1.57% said it had decided to reduce its reliance on advertising. On a conference call on Tuesday night, Disney Chief Executive Robert Iger acknowledged that ad spending is growing faster on new media platforms than on traditional outlets. Acknowledging what some ad buyers have been whispering in recent weeks, Mr. Iger said that some ad dollars that was held back from the TV upfront “clearly moved to new platforms.” Noting that Disney sees “a much more competitive environment out there for advertising,” Mr. Iger said Disney has made…