Walt Disney Co. shares fell in early trading Wednesday after the media and entertainment company reported third-quarter results that disappointed some investors.

Revenue increased 2.1% to $23.7 billion in the period ended June 28, Disney said Wednesday, in line with projections. Earnings rose to $1.61 a share, excluding some items, beating the $1.46 average analyst’s estimate, according to data compiled by Bloomberg.

However, revenue from conventional TV networks and sports programming fell short of Wall Street’s expectations, overshadowing a strong performance from the company’s theme parks and streaming businesses.

Income at the theme-parks division grew 13% in the quarter to $2.52 billion, while revenue advanced 8%. The streaming businesses earned a quarterly profit of $346 million, while income from conventional entertainment TV fell 28% and the Disney film studio suffered a loss.

The shares slid 2.4% in premarket trading in New York.

Disney now forecasts full-year earnings of $5.85 a share, up from a prior estimate of $5.75. Operating income at the parks division is expected to rise 8% in the period, the top end of its previous estimate. The company also forecasts $1.3 billion in profit from its streaming business, up from an earlier forecast of $1 billion.

Disney separately announced that the National Football League will acquire a 10% stake in its ESPN sports programming business. Under terms of the deal, Disney will acquire the NFL Network and other media assets of the league, and be incorporated into the ESPN streaming platform, slated to launch Aug. 21 for $30 a month, according to a statement Wednesday.

Following the closing of the transaction, Disney will hold a 72% stake in ESPN and partner Hearst Communications Inc. will have 18%. That deal is subject to regulatory approvals and expected to close at the end of 2026.

ESPN also signed a deal with TKO Group’s World Wrestling Entertainment to become the exclusive US home of WWE Premium Live Events from 2026, including WrestleMania. The five-year contract, which begins in 2026, is valued at more than $1.6 billion, the Wall Street Journal reported.

In the coming months, Disney will also further integrate its Disney+ and Hulu streaming services into a single app, which will employ a single recommendation engine and include a larger slate of programming such as ABC News. Subscribers to the flagship Disney+ streaming service totaled 128 million in the third quarter, in line with analysts’ estimates.

Disney’s sports division led by ESPN delivered profit of $1.04 billion in the quarter, despite a drop in revenue.

The unit that includes the Disney film studio lost $21 million in the quarter, hurt by the disappointing theatrical performance of the Pixar film Elio and Thunderbolts* from Marvel Studios.

In June, amid a wider contraction in the entertainment industry, Disney laid off several hundred employees across its film and TV businesses.