Becoming a streaming colossus is mighty expensive: Disney reported a 66 per cent decline in quarterly profit Thursday, the result of digging deep into its pockets to pay for Disney Plus, a Netflix-style movie and television service that arrives Tuesday.

Losses in the Disney division that houses streaming totaled US$740 million ($1.16 billion) in the quarter, compared with a loss of US$340m in the same period last year, the company said. Wall Street was relieved it was only that much: In August, Disney had predicted losses in the US$900m range. As a result, Disney shares climbed by more than 5

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