Walt Disney Co. reported third quarter net income of $1.13 billion (53 cents per share), up 27 percent from $811 million (39 cents) for the same period a year earlier. Revenue for the Burbank-based media company rose 12 percent to $8.62 billion.

The company said it had growth in every division, including its media networks division which was spurred by subscriber and advertiser growth at its ESPN cable channel.

Strong DVD sales of "Chronicles of Narnia" in the merchandise division and continued growth at its domestic theme parks also drove the higher third-quarter revenue and profits.

Disney's movie studio division , which announced last month it would release fewer films in the future and lay off 650 people, posted a modest gain. The studio's film "Pirates of the Caribbean: Dead Man's Chest" currently ranks first in summer domestic box office revenues.

Results also benefited from a one-time gain for its acquisition of Pixar Animation Studios. The Pixar film "Cars," distributed by Disney, ranks as the summer's number-two domestic box office draw.

The third quarter results beat the 44 cent estimate surveyed by Thomson Financial. Disney shares were up nearly 3 percent to $29.81 in early Wednesday trading on Wall Street

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