Yet another media conglomerate who says they didn't see a recession last quarter and aren't seeing one now. Yesterday News Corp. reported smooth sailing, and today Disney says the same thing.
Disney doesn't have any newspaper holdings, so that helps, but it does have a huge parks/resorts business, which should definitely feel a slow down, since it's hard to fly the family to Orlando for a week if you're scraping to pay the bills. But Disney says that contrary to a Citi report last month, rooms at the parks sold well last quarter look to be running ahead of last year's pace for the rest of 08. Meanwhile ad spending is still strong, even as ratings drop.