For the second time in as many days, a major global media company released results which suggested little adverse, or material, impact from either the writers’ strike or a feared slow down in advertising spending related to the economy.

Disney’s CEO Tom Skaggs reported a “really strong ad market” during Disney’s earnings call Tuesday. Revenue at the Media Networks Division which houses ABC, ESPN and the other cable networks was $4.17b versus $3.79b for the same period a year ago. Operating profit at ABC climbed to $322m, a 30% gain. The rest of the cable networks had operating profits of $586m (up 27%).

Contrary to fears, the writers’ strike hasn’t had much teeth (so far). Just the opposite, in the short term it may even be helping financially. Ratings at ABC were off 11% for prime time viewing in the 18-49 year old demographic as a result of fewer new programs but revenues for the network (and TV stations) was actually up about 6%. The strike is also helping reduce the cost overhead for developing new pilots and episodes. (If the strike continues long enough, its influence on audience draw will eventually have a negative impact).

In other related news, Disney announced they’d reached an agreement to extend Robert Iger’s contract as CEO for another 5 years. Under the new deal his contract will expire Jan 31, 2013 instead of Sept 30, 2010 as previously structured. CFO Tom Staggs signed a similar deal.

Disney also revealed a 3rd installment of Pixar’s popular Toy Story franchise will be released in 2010. 3D versions of the first two "Toy Story" films will be released next year.

- Seth Gilbert, author