Disney aims for $1 billion profit from its streaming biz in new fiscal year

Old Hollywood is finally doing what Netflix Inc. has been doing for over a decade: making money from streaming.

With the exception of NBCUniversal, the biggest legacy media companies all reported a profit from their direct-to-consumer businesses last quarter, led by Walt Disney Co., which earned $321 million from its online video arm in the final months of its fiscal year. It was the second straight quarter of profitability for the unit that includes Disney+, Hulu and ESPN+.