Emma Asma Cornwall
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Emma Asma Cornwall in Gainers & Losers,

Walt Disney finally has reasons for a bounce

Walt Disney Co's quarterly profit and revenue on Tuesday beat analysts' estimates fueled by movie studio hits, and the media company said it was taking a stake in a streaming video technology company to sell more content directly to consumers.

Disney and other media companies are struggling with "cord cutting" consumers who abandon large bundles of channels sold by cable TV providers. In buying a 33 percent stake in video-streaming firm BAMTech for $1 billion, Disney is hoping to lure online viewers. It will begin with an ESPN subscription streaming service by year's end, reports Reuters.

The service will not, however, include any of the content that appears on ESPN's TV networks, Disney said.

Disney has the option to acquire majority ownership in coming years in BAMTech, which was formed by Major League Baseball (MLB) and is separate from the league's content business. The technology is lauded as some of the best in the industry and is used by HBO Now and the National Hockey League as well as baseball.

Hopefully this will help Disney shares reach $100 and continue its way north!