Box Office Magic For Disney As Profits Surge

Walt Disney's movie releases have been credited with driving a surge in profits during the entertainment firm's fourth quarter.

The success of animated tale Frozen and Marvel movie Guardians of the Galaxy helped revenue surpass expectations, rising 7% to $12.39bn (£7.82bn), ahead of market expectations.

Profits for the period rose 8% to $1.5bn with merchandise sales from Frozen - the biggest-grossing animation - aiding the performance.

Following the release of the results, Disney chief executive Bob Iger said that the company's movie and TV offerings were helping it compete in a "new golden age for content".

The Walt Disney Studios business has had a string of hits that is likely to continue with the first of its new Star Wars movies launching next year, titled The Force Awakens .

The company also announced on Thursday that Toy Story 4 will hit cinemas in 2017 , directed by John Lasseter, who created the blockbuster franchise and directed the first two movies.

Mr Iger said the five Marvel movies that Disney has released since acquiring the brand in 2009 have averaged $1bn in global box office receipts.

Disney Studios had the strongest results among the media company's divisions, with revenue climbing 18% to $1.78bn.

Revenue from media and cable networks rose 5% while parks and resorts enjoyed growth of 7% to $4bn.

Disney's market value, which has almost doubled in two years, fell back slightly from a record high after the results were posted.