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Disney reshapes TV with US$1b streaming deal, ESPN online

Shares down despite higher-than-forecast profit from motion-picture hits and theme parks

Mr Iger: "This is a whole new world where distributors are going into the content space and content owners are going into the distribution space."

Los Angeles

WALT Disney Co reported third-quarter results that reflected tough times for its TV business and said it's taking big steps in online video to adapt to changing consumer viewing habits.

The world's largest entertainment company said on Tuesday it will pay US$1 billion