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Walt Disney Co CEO Bob Iger said although the company battles with a very high corporate tax rate he ruled out doing an inversion, adding that he doesn't think threatening to relocate overseas is the right approach.
"I don't really think moving Walt Disney Company outside the U.S in order to save taxes is an option, nor do I think it would be the right thing to do for the company or for this country," Iger told CNBC Tuesday.
However, he said tax reform would strengthen the economy and make the U.S. more competitive internationally.
"We're in great need of tax legislation as a country. The corporate tax rate is too high. There are too many loopholes. Congress is not getting off the dime and addressing it and they really should."
The Walt Disney Co. reported quarterly earnings and revenue that beat analysts' expectations on Tuesday, boosted by strong results from its movie studio and consumer products division.
But, shares wavered in after-hours trading.
The Walt Disney Co. reported earnings of $1.28 per share on revenue of $12.47 billion, up 8 percent from a year ago.
Analysts had expected the entertainment company to report earnings of $1.17 a share on $12.16 billion in revenue, according to a consensus estimate from Thomson Reuters.
The company's media networks business—its largest sector—generated $5.5 billion in revenue, up 3 percent from a year ago, but the segment's operating income was virtually flat at $2.3 billion.
Disney said revenue from consumer products for the quarter jumped 16 percent to $902 million, with segment operating income gaining 25 percent to $273 million, driven by its retail and merchandise licensing businesses.
"We had great results at parks and resorts, profitability at interactive group, tremendous story at consumer products and of course the studio, which had some great results from movies like Captain America, Maleficent and of course the lingering positive effect of Frozen, which is the highest grossing animated film of all time," Iger said.
The media giant also announced that it is working on plans to bring more of its "Star Wars'' franchise into the company's theme parks, Chief Executive Bob Iger said on Tuesday.
Disney is "developing designs for a far greater 'Star Wars' presence in the parks,'' Iger said on a conference call after the company released its quarterly results, adding that the firm plans to announce details of the plans next year.
Disney's ESPN network was expected to deliver revenue from traffic and viewership during the World Cup as well as the NBA playoffs earlier in the quarter, according to analyst Anthony DiClemente of Nomura Securities. Studio entertainment and consumer products and summer theme park sales were also expected to contribute to the media giant's bottom line.
Disney's studio releases have performed especially well over the last several months, DiClemente said. The animated film "Frozen" continues to be a moneymaker for the company months after its release, and movies from the company's Marvel Entertainment unit have performed well, including the Captain America franchise and "Guardians of the Galaxy," which beat box-office records over the weekend—though that film's sales were not included in Tuesday's earnings release.
Analysts are watching to see whether Disney can continue to deliver blockbuster films and maintain its other revenue sources.
—By CNBC.com staff. Michelle Fox and Reuters contributed to this report.